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Take a look inside Elvis Presley"s 1962 Lockheed 1329 JetStar private jet that"s up for auction

Elvis Presley bought the plane in 1976, a year before the King of Rock and Roll died. It was last sold at an auction for $430,000 in 2017. Elvis Presley purchased the jet in 1976.Mecum Auctions Elvis Presley's 1962 Lockheed 1329 Jetstar private jet is being auctioned in January. It has red velvet seats, a TV, cassette and VCR player, but needs repairs – and an engine. The King of Rock and Roll paid $840,000 in 1976 and the jet last sold at an auction for $430,000.  A private plane once owned by Elvis Presley is set to go on auction in January. The 1962 Lockheed 1329 Jetstar, which comes with red velvet seats, a TV, cassette player, and microwave, was bought for $840,000 by the King of Rock and Roll in 1976. The jet was sold in 1977 after Presley died. It's been stored at an aircraft graveyard in Roswell, New Mexico, for decades. It was last sold for around $430,000 in an auction in 2017. "With a busy touring schedule, these crafts were needed to transport the singer, his TCB band, backup groups, Col. Tom Parker, and the ever-present Memphis Mafia to venues, concerts, and appearances all around the country. Elvis kept several pilots on retainer that were ready to fly him to adoring fans at a moment's notice," Mecum Auctions' listing says. The private jet has a red interior with silver accents but needs repairs.Mecum AuctionsThe Jetstar comes with its original six red velvet seats that can swivel and recline, as well as a couch.Mecum AuctionsThe jet is in need of restoration. It currently does not have an engine and a lot of cockpit components are missing.Mecum AuctionsThe jet’s original wood cabin paneling has been kept since the 1970s.Mecum Auctions"It serves as an incredible restoration opportunity and a chance to create a unique Elvis exhibit for all the world to enjoy," Mecum Auctions says in the listing.Mecum AuctionsThe new owner will also get a copy of the Aircraft Security Agreement documents, which are signed by Presley.Mecum AuctionsThere's a microwave and drink dispenser on board.Mecum AuctionsThe onboard toilet and vanity have also been preserved.Mecum Auctions"Elvis and his effect on the music industry are known the world-over, and this opportunity for a new owner to acquire an extravagant piece of his aviation past is a momentous occasion with untold room for flights of rock 'n' roll fancy," the listing says.Mecum AuctionsIt also has an entertainment system inside a cabinet with a TV, VCR player, audio cassette player, and headphone ports.Mecum AuctionsAccording to the listing, Presley owned a fleet of private jets including a custom Convair 880 called "Lisa Marie" and a second Jetstar. The planes went by the call signs Hound Dog 1 and 2 respectively.Mecum Auctions“Elvis kept several pilots on retainer that were ready to fly him to adoring fans at a moment’s notice,” the Mecum Auction ad reads.Mecum AuctionsRead the original article on Business Insider.....»»

Category: smallbizSource: nytDec 4th, 2022

See inside the biggest modern home in the US, a 105,000-square-foot Los Angeles megamansion that sold for $126 million to Fashion Nova"s billionaire CEO

The One Bel Air, a 105,000-square-foot Los Angeles mansion, has 21 bedrooms, 42 bathrooms, a 10,000-bottle wine cellar, 30-car garage, and more. An aerial view of "The One Bel Air", a 105,000-square-foot mansion with a sky deck and putting green, night club, several swimming pools, a 50-seat theater, a four-lane bowling alley and more by Nile Niami of Skyline Development and designed by Paul McClean (McClean Design). The One is shown by court-appointed receiver Ted Lanes, who now controls the property and is in charge of finding a buyer and paying off the lenders and other creditors, gives a tour of The One, the 105,000 square foot house on sale in Bel Air. This is apparently the largest home for sale in the United States. The developer Nial Niami "listed" it for $500 million but got into financial trouble and was foreclosed upon by Don Hankey. Photo taken in Bel Air on Wednesday, Sept. 8, 2021 in Beverly Hills, CA. (Allen J. Schaben / Los Angeles Times via Getty Images)Allen J. Schaben / Los Angeles Times via Getty Images The One Bel Air is a 105,000-square-foot megamansion said to be the biggest modern home in the US. It sold for $141 million, including fees and commission, to the billionaire CEO of Fashion Nova — far from the $500 million its developer originally hoped to fetch. Take a look inside the home, which boasts 21 bedrooms, 42 bathrooms, a 10,000-square-foot sky deck, and more. Behold: A sprawling Los Angeles megamansion believed to be the biggest modern home in the US.Marc AngelesThe property is known as The One Bel Air, and it fetched $126 million at auction last year.Marc AngelesIt was listed on Concierge Auctions from February 28 to March 3, 2022.Joe BryantThe auction site called the 105,000-square-foot home "America's most expensive and largest residence."Joe BryantThe property, which is 10 years in the making, comes from film producer-turned-real estate developer Nile Niami.Allen J. Schaben / Los Angeles Times via Getty ImagesNiami initially hoped to sell it for a whopping $500 million, which would have made it one of the most expensive homes in the world.Allen J. Schaben / Los Angeles Times via Getty ImagesBut the home was beset with several delays, construction challenges, and cost overruns. In 2021, it was placed into a court-ordered receivership and later put into bankruptcy.Allen J. Schaben / Los Angeles Times via Getty ImagesIt listed for $295 million in January 2022, making it the most expensive home for sale in the US at the time, though it marked a sharp discount from the $500 million Niami hoped to get for the home.Marc AngelesWhen no buyers bit, the home went into bankruptcy auction. Though the top bid for the home was $126 million, the auction premium and commission fees brought the total closer to $141 million.Allen J. Schaben / Los Angeles Times via Getty ImagesThe bidder? Fashion Nova's billionaire CEO, Richard Saghian.Rich Fury/Getty ImagesSource: Business InsiderConcierge Auctions said the sale was "more than double the highest US sale at auction and nearly 50% higher than the world record."Allen J. Schaben / Los Angeles Times via Getty ImagesHere's a closer look at what Saghian got for his $141 million splurge:Allen J. Schaben / Los Angeles Times via Getty ImagesIn the mansion's sprawling yard, you'll find a sculpture from Italian glass maker Simone Cenedese.Allen J. Schaben / Los Angeles Times via Getty ImagesHere's the main entrance to the property.Allen J. Schaben / Los Angeles Times via Getty ImagesInside, the mansion's foyer has a rotating sculpture and floor-to-ceiling windows, which make for a pretty great view at day...Allen J. Schaben / Los Angeles Times via Getty Images...or night.Joe BryantThe One boasts 21 bedrooms, 42 bathrooms, and seven half-bathrooms.Marc AngelesLike the foyer, many rooms have expansive views of Los Angeles, like this one...Marc Angeles...and this one.Marc AngelesYou'll find a 10,000-bottle wine cellar in the dining room.Marc AngelesThere's plenty of space to lounge around in the family living room.Allen J. Schaben / Los Angeles Times via Getty ImagesThere are several rooms devoted to R&R.Joe BryantFor some pampering, there's a full-service beauty salon and wellness spa.Allen J. Schaben / Los Angeles Times via Getty ImagesThe salon is one of the more vibrantly colored rooms in the mansion, with glossy red walls.Allen J. Schaben / Los Angeles Times via Getty ImagesThere's an entertainment room for activities like playing billiards.Joe BryantThe mansion also boasts its own bar and cigar lounge.Allen J. Schaben / Los Angeles Times via Getty ImagesHere's the bar up close.Joe BryantIn the next room over, there's a private bowling alley.Allen J. Schaben / Los Angeles Times via Getty ImagesIt has four lanes, several shelves of bowling shoes at the ready, and bowling balls oddly evocative of Trix cereal.Allen J. Schaben / Los Angeles Times via Getty ImagesThere's also a private nightclub on the premises...Allen J. Schaben / Los Angeles Times via Getty Images...as well as a private movie theater.Allen J. Schaben / Los Angeles Times via Getty ImagesThe One's 4,000-square-foot master bedroom has a walk-in closet with plenty of space for clothes, shoes, and accessories.Allen J. Schaben / Los Angeles Times via Getty ImagesSaghian will have room for plenty of books...Allen J. Schaben / Los Angeles Times via Getty Images...in a two-story room that can function as either a library or office and boasts its own balcony.Joe BryantThe literal candy bar is a child's paradise.Joe BryantFive swimming pools dot the property.Allen J. Schaben / Los Angeles Times via Getty ImagesThere are a few outdoors, one of which is on the rooftop of a 4,000-square-foot bedroom...Allen J. Schaben / Los Angeles Times via Getty Images...while the other is above the private nightclub.Allen J. Schaben / Los Angeles Times via Getty ImagesAnother pool functions as a floating lounge.Allen J. Schaben / Los Angeles Times via Getty ImagesInside, there's a pool in a room with a living wall and a mirror on the ceiling.Allen J. Schaben / Los Angeles Times via Getty ImagesIt's located near an exercise room...Marc Angeles...and a juice bar.Joe BryantThough the home was built in the last decade, it has taken a cue from the construction of centuries past with a moat surrounding three sides of the property.Allen J. Schaben / Los Angeles Times via Getty ImagesVisitors to the mansion can have the guest house to themselves.Allen J. Schaben / Los Angeles Times via Getty ImagesThe guest house also has floor-to-ceiling windows...Allen J. Schaben / Los Angeles Times via Getty Images...and three bedrooms on its own.An interior view of three-bedroom guest house at The One Bel Air, a 105,000-square-foot mansion with a sky deck and putting green, night club, several swimming pools, a 50-seat theater, a four-lane bowling alley and more by Nile Niami of Skyline Development and designed by Paul McClean (McClean Design). The One is shown by court-appointed receiver Ted Lanes, who now controls the property and is in charge of finding a buyer and paying off the lenders and other creditors, gives a tour of The One, the 105,000 square foot house on sale in Bel Air. This is apparently the largest home for sale in the United States. The developer Nial Niami "listed" it for $500 million but got into financial trouble and was foreclosed upon by Don Hankey. Photo taken in Bel Air on Wednesday, Sept. 8, 2021 in Beverly Hills, CA. (Allen J. Schaben / Los Angeles Times via Getty Images)Allen J. Schaben / Los Angeles Times via Getty ImagesOutside again, the mansion has its own glass-walled jogging court, tennis court, and this putting green.Joe BryantThe home's other features include a 30-car garage, six elevators, and of course close proximity to Rodeo Drive, Beverly Hills, and downtown Los Angeles.Douglas FriedmanLess than a year after buying The One, Saghian has scooped up another pricey property in California.Steve Granitz/WireImage/Getty ImagesHe paid $40 million in an all-cash deal for a 6,000-square-foot beachfront home in an exclusive Malibu area known as "Billionaire's Beach," The Real Deal reported Thursday.As for The One, it still holds the title of biggest modern US home. Given its auction, however, it obviously no longer has the record for the most expensive home for sale in the US.Cody Boone, SERHANT StudiosCurrently, that record belongs to a $250 million penthouse in New York City called The One Above All Else. At 1,416 feet above the city, the penthouse is also the world's tallest residence.Read the original article on Business Insider.....»»

Category: worldSource: nytJan 6th, 2023

History Lesson: Trust Gold Rather Than Sovereigns

History Lesson: Trust Gold Rather Than Sovereigns Authored by Matthew Piepenburg via GoldSwitzerland.com, Below, we consider a blender of history, simple math, sober facts and comical arrogance to better understand gold’s loyalty in a time of disloyal financial stewardship. Hubris Comes Before the Fall History (whether on battle fields or sports fields) is riddled with tragi-comical examples of human blundering (and hubris) in the face of otherwise obvious and self-inflicted risk—you know: The final swagger just before imminent defeat. Remember “Mission accomplished”? Like well-dressed officers steaming the Titanic at full speed ahead despite repeated ice warnings, the arrogant yet misguided faith our central planners/bankers have in their “unsinkable” financial (i.e., Keynesian) models and verbal platitudes is astonishing. If the financial model, for example, says “raise rates to fight inflation,” then the model must be right—especially given the credentials of our elite “model followers,” all collectively swimming within an echo-chamber of model-making, yes-saying, self-selecting and PhD-affirming back-slappers from MIT to Stanford, U-Chicago to Harvard Yard. Linear Models & Thinking in a 3D World: Fantasy vs. Complexity Yet such singularity of purpose and linear thinking (recently exemplified by openly failed COVID vaccine “models” and backfiring Putin sanctions) in an otherwise three-dimensional backdrop of ignored complexity theory reveals a staggering incapacity among our so-called policy-leaders to consider the side effects (and astonishing collateral damage) of such singular goals—such as “defeating inflation.” Just like Napoleon’s war (and singular focus) against the Russian Tzar in 1812 ignored the subtleties of cold weather and the panache of the Cossacks, resulting in the destruction of his Grande Armee as graphically seen here… …the Fed’s 2022 war (and singular focus) against inflation has equally ignored the subtleties of budget deficits, currency expansion and the panache of natural market forces, resulting in the destruction of the all-mighty USD’s purchasing power as graphically seen in almost identical fashion here: In short: Powell is missing the bigger picture. At a recent Brookings Institute presentation, for example, a mathematically cornered J. Powell repeated his heroic aim to defeat inflation (which the year before he claimed was “transitory”) and bring CPI levels back toward the carefully-modelled 2% range. That’s all very Napoleonic, but what a linear-thinking Powell deliberately failed to consider in his tough-talk included some other critical, percolating yet ignored 3-dimensional themes (and alternative/ignored facts) of economic Realpolitik, namely a string of crises (icebergs) relating to balance of payments, fiscal expansion, debt destruction and currency risk. Free Advice to Expensive Leaders Perhaps one of Powell’s sub-lieutenants ought to remind him of some of the following tactical considerations (i.e., hard realities) which the Fed has missed in its “blinders-on” effort to defeat inflation via rising rates. In other words, here’s some free advice and timely reminders of what central bankers like Powell might want to consider, namely: * US tax receipts (crippled by tanking capital gains from a tanking market thanks to spiking rates) have fallen 11% y/y and getting worse; * Uncle Sam’s bar tab (USTs, or “IOUs”) is heading toward annual levels of $4-$5 trillion (with a T), which means the global supply of US Treasuries is poised to overtake global GDP growth as bonds tank and yields rise, thus killing everything in their wake except for a temporarily and Frankenstein-strong USD; * Last month, Federal deficits expanded to record-high levels of $249 billion; * No one wants Uncle Sam’s debt. The recent auction for 10-Year USTs was a disaster, adding more downward pressure on bonds and hence upward pressure on US yields (above 3.6%) and rates—all of which makes repaying combined US public, private and corporate debts ($90T) one step closer to its breaking point; * By “tightening” the money supply (QT) to “fight inflation,” Powell has decapitated M2 supply growth (i.e., needed liquidity, lower line below) from 25% to basically 0%– and all he has to show for his linear “war” against inflation is a mis-reported decline in an otherwise misreported and bogus CPI rate from 8% to 7.1%. That’s what historians call a “pyric victory”: *US Federal deficits are growing at far greater rates than world GDP growth, which means that there is mathematically, empirically, objectively and candidly not enough natural demand for Uncle Sam’s desperate IOU’s to be “bought” unless the Fed re-ignites a money printer (i.e., “pivots”) to absorb/purchase the same. If not, bonds will literally tank and the relatively strong and poisonous USD will move fatally and sharply higher along with rising yields/rates. American Exceptionalism: A Debt-Soaked Paper Tiger It seems General Powell has forgotten that the post-08, Fed-distorted (i.e., debt-driven) dystopia of American “exceptionalism” is a nothing more than a financial and economic paper tiger that is highly sensitive to rising rates and tanking markets, making the odds of a U.S. “soft landing” about 0%. Instead, and as warned all year, the US and global economy is effectively (i.e., already) on its debt-poor knees, and when, not if, we officially arrive at the hard landing of a local and global recession marked by tanking US (and other sovereign) bond markets, global yields will spike “gilt-like” –ushering in a period of global market and economic dysfunction far beyond the pale of anything seen prior. The Blame Game It also seems that Powell (like all the other central bankers on the BIS pay-roll which influence all global leaders/puppets) doesn’t like to face bad news until the situation is already too bad to fix. At that point, it then becomes necessary to blame their financial sins on a flu, a Russian bad guy or a global warming fear campaign. But what none of these current excuses can hide is the simple fact that our global, fatal and entirely central bank created $300+ trillion debt bubble was in motion long before the current excuses (lies) became the scapegoats for the failures of our central-banking real goats. The Bond Market is THE Thing In short, and as we’ve consistently warned for years, “the bond market is the thing,” and when it goes, so does just about everything else. And by the way: That bond market is dying right before our wide-open eyes. If this seems hard to believe or “sensational,” just consider what Bank of America already knows, namely that global government bonds are poised to record their 6th worst annual return since 1700. Yes, 1700. In my view, such bad news for our embarrassing credit markets is only about to get worse, not better. Why? Because if US deficits were “just” 32% of global GDP growth in 2022, think what 2023’s bond markets will do when those deficits grow wider—far wider into a new year with even less available global balance sheets to purchase the debt of increasingly bankrupt/broke nations. Even Blackrock has lost its appetite for sovereign bonds, which, without money-printer support, are nothing more than junk bonds hiding behind well-dressed prompt-readers and absolutely clueless (and increasing cashless) Treasury Secretaries. The Trillion Dollar Question So, with all these unwanted, un-supported and unpayable bonds floating around the globe, will the Fed eventually do what the markets have already priced in and thus re-heat the money printers and mouse-clicked Dollars? In other words, will more inflationary QE come back despite Powell’s public QT ruse to fight inflation? Failing the anticipated QE pivot and liquidity injection, bonds will tank, which means stocks will tank and the only asset rising before investors’ watering eyes will be an otherwise artificially rising USD. In short: Should Powell continue with his linear QT model to avoid the inflationary shame and legacy of an Arthur Burns by embracing the fantasy comparison to Paul Volcker, the very “everything bubble” which the Fed alone created will end in a global recession of which the Fed also singularly created. This is because centralized global markets are now entirely and unnaturally driven by central banks rather than natural supply and demand forces. Or stated otherwise: The Fed giveth, and the F ed taketh away. Chaos: It’s Now Inevitable Rather than Theoretical All things (and hence markets) so rigged, centralized and artificial ultimately result in destruction. Whether 2023 witnesses more QT, or a resigned and panicked pivot to QE, the end result is the same: Chaos of one form or another is just around the corner. Either we suffer 1) a deflationary implosion of global risk assets and economies, or 2) an inflationary surrender to more currency-destroying QE. As I’ve said elsewhere, Powell and the rest of us will have to pick our poison. But in my view, we are likely to see both. Two Poisons at Work That is, the one-dimensional and arrogant “modeled” mind of Powell will tighten (de-or-dis-inflationary) until the markets truly break in a backdrop of fatally rising yields and rates. Then, as if the global economy can be turned up or down like a home thermostat, Powell will throw in the towel and print more fake money (inflationary). But not long after that critical pivot moment, Powell will discover what most folks in Germany (where energy costs are 12% of economic output) already know, namely: Your thermostat doesn’t work and your left standing in the cold. Like too much of anything (from martinis to steroids), eventually the stimulus effect of fatally debased, mouse-clicked money fades. At that point, rather than enjoy the old buzz or high, markets and economies will suffer the puking sensation of a global hangover. Translated to simple speak: Not even more QE will save us. Again: More chaos, however you look at it. But what does that mean for precious metals like gold? Gold Loves Chaos As I’ve argued throughout 2022, an artificially rising USD has been an obvious headwind to USD-priced gold. But should the USD rise even further and longer under a fork-tongued Powell, and even if the DXY resumes its bumpy gyrations south and then north again, not even a stronger Dollar (or rigged COMEX market) can keep gold forever repressed. This is because a too-strong USD under continued Powell tightening will expand the aforementioned deficit levels and GDP growth ratios to a breaking point which cripples credit markets, destroys equity markets and knee-caps economies. When this happens, faith in the system, as well as the individuals who run them, will rightfully disintegrate faster than SBF’s weird sex life. It is precisely at such moments of lost faith, as I recently discussed with Grant Williams, in which gold shines brightest. Alternatively, should Powell try to restore illiquid markets with a pivot toward more QE, the net result will be an inflationary and historic tailwind of currency debasement which will send gold in an equally northern direction. Most Still Trust the Wrong Things Despite such undeniable pressures on stocks and bonds, investors still think bonds will save them, especially once the Fed inevitably (who knows the date?) resumes its artificial support of the credit markets. This might explain the bemused observations of our colleague and advisor, Ronni Stoeferle, who recently tweeted that investors remain the most underweight commodities relative to bonds since April of 2009. Sadly, such misguided investor behavior is often a superior contra indicator in times of percolating market stress, as most investors run to the wrong assets at precisely the wrong time, a phenomenon we’ve seen at the edge of every market bubble from the NIKKEI in the late 80’s to MBS in 2008. But let’s not poke fun at the wrong-headed behavior of retail investors when there’s so much more to learn from the wrong-headed behavior of our policy makers and sovereign leaders. Please: Don’t Trust the “Experts” As I wrote long ago (even before the insanity of a global lock-down, the corruption of a crypto exchange and the comic tragedy of an avoidable war with–and sanctions against—Russia), we would all be better served trusting our own judgement and objective facts rather than the self-interest and invented facts of our so-called elites. That is: It’s not always wise to trust the experts and their so-called “models”—be they economic, political or scientific. Yes, lofty titles and superior educations are attractive and seductive. The best educations, after all, were at least ostensibly designed (once upon a time) to teach critical thinking and the capacity to challenge rather than blindly follow historical models which no longer work. But such educations, and such critical thinking, are entirely wasted on the uncreative, the “post-modernist” corrupt and the consensus-driven. As stated above, uber-Keynesian US financial leadership (entirely ignorant to the debt lessons of the Austrian School) is the product of old models and PhD themes shared among a cabal of policy makers wandering the campuses from Cambridge and Chicago to NYC and Stanford with an eye toward public safety in numbers and private self-promotion from the inside. This explains the small (and profoundly self-interested) thinking of Treasury Secretaries like Summers or Yellen, the Ignoble Prizes awarded to figures like Bernanke or the confusion of cornered Fed Chairs like Powell. They simply won’t admit the failures of their career-enhancing models… Thanks to years of confusing unprecedented debt with economic growth, and decades of replacing sound money with mouse-clicked money, our global credit and equity bubbles are now morphing into their final gasps of currency bubbles already popping in every corner of the globe but for the U.S. and its currently strong but otherwise doomed USD. But that bubble too will do what all bubbles do: Pop. And when (and as) it pops, now and in the months ahead, gold will do what it has always done: Provide loyal currency support for systems destroyed by disloyal leadership. Tyler Durden Thu, 12/22/2022 - 07:20.....»»

Category: smallbizSource: nytDec 22nd, 2022

US lawmakers want answers on FTX"s collapse. Sam Bankman-Fried may not have them.

The collapse of FTX is now being examined by Congress. Here's what to expect when Sam Bankman-Fried testifies before a House committee. Welcome back. It's Dan DeFrancesco checking in from NYC.Today we've got stories on a retail giant stepping its toe into buy now, pay later;  how to get lunch with a billionaire, and what life is for two guys who have the money and power to do whatever they want.But first, we are going to hear more from Sam Bankman-Fried this week, even if you think we've already heard quite enough from him.If this was forwarded to you, sign up here. Download Insider's app here.Sam Bankman-Fried testifies during a hearing before the House Financial Services Committee on December 8, 2021 in Washington, DC. Alex Wong/Getty ImagesAlex Wong/Getty Images1. SBF goes to Washington (virtually).Disgraced FTX founder Sam Bankman-Fried, who said he once considered himself a "model CEO," tweeted last week that he would testify before tomorrow's House Financial Services committee hearing focused on his firm's blowup.Committee members may not get any more clarity than Andrew Ross Sorkin of The New York Times or George Stephanopoulos of  "Good Morning America" did when they recently grilled him. As Insider's Sindhu Sundar noted on Friday, SBF had indicated on his Twitter thread that there could be questions that he might not be able to answer fully.  "I still do not have access to much of my data — professional or personal," he tweeted. FTX's new CEO, John J. Ray III, who oversaw the bankruptcy of Enron, will testify in the first part of the hearing. In FTX's November 11 bankruptcy filing, Ray said: "Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here."   More on what to expect at tomorrow's hearing, which starts at 10 a.m. ET. In other news:Osahon Ojeaga, Ali Kaminetsky, Olamide Olowe offer advice on how to pitch venture investors.Courtesy Nourie, Modern Picnic, Topicals2. Walmart is reportedly rolling out its own version of buy now, play later. The retail giant is leaning on One, the fintech it backs, to launch the feature. Read more about Walmart's plans to get into the BNPL game. 3. More CEOs are cracking down on what they see as underperforming employees.  Residential brokerage Compass is the latest, with its CEO telling managers to identify "poor performers" and "move them out." CEO Robert Reffkin's internal memo was shared with Insider.4. Would you like to go to lunch with Bill Ackman? A private lunch with the billionaire is on the table if you're willing to pony up the cash. It's part of a charity auction to raise money for New York healthcare workers, police, firefighters, and military veterans, and the Pershing Square CEO has pledged to match the winning amount. But hurry up, the auction ends today. 5. The bank behind FTX. Silvergate Capital Corp. built a business catering to crypto companies like Coinbase, Gemini, and FTX. But in the wake of the crypto exchange's blowup, regulators are interested in taking a deeper look at the bank, Bloomberg reports. Here's why people are concerned. 6. If you're thinking about starting your own business, these are the best 15 states to do it in. From startup tax credits to fewer licensing restrictions, these states are your best bet. And if you're looking for some backing, these five founders shared tips on how to pitch venture investors. 7. Vanguard is out on an initiative to fight climate change. The withdrawal of the world's largest mutual fund manager from the Net Zero Asset Managers initiative could have some big knock-on effects. Here's why. 8. What do you do when you've already done it all? Google cofounders Larry Page and Sergey Brin have accomplished what the vast majority of people can only dream of doing. So what do you do next? From private islands to flying cars, inside the wild lives of Page and Brin.9. There's flying private, and then there is this. We got a peak inside an Airbus A320neo airliner that is being retrofitted into one of the most luxurious private jets you'll ever see. Take a peak inside.10. JetBlue and American just announced 11 new routes as part of a new partnership. Break out that TrueBlue or AAdvantage number and start planning your next adventure. Here's a rundown of all the new routes. Edited by Jeffrey Cane (tweet @jeffrey_cane) in New York and Hallam Bullock (tweet @hallam_bullock) in London.  Read the original article on Business Insider.....»»

Category: smallbizSource: nytDec 12th, 2022

Futures Steady Ahead Of Fed Decision

Futures Steady Ahead Of Fed Decision US equity futures were unchanged after two days of declines in underlying gauges as investors brace for today's 2pm Fed interest-rate decision along with its monetary policy outlook (although a potentially more surprising treasury buyback announcement could come as soon as 830am when the Treasury publishes its quarterly refunding announcement). Contracts on the S&P 500 were little unchanged, while Nasdaq 100 futures advanced 0.2% as of 7:30 a.m. in New York. Stocks have stabilized after a drop in the S&P 500 on Tuesday that was triggered by a surprise surge in job openings. European stocks erased earlier gains while US-listed Chinese stocks rallied in premarket trading and the Hang Seng Index rose in a session cut short by a storm warning as growing speculation over China’s reopening spurred another rally in Asia. The US dollar dropped for the second day as the yen strengthened in a sign traders anticipate a muted impact of Fed tightening on the currency; 10Y yields traded unchanged around 4.04%. All eyes will be on the Fed later, when the central bank is widely expected to raise rates by 75 basis points for a fourth time in a row; the question is what the Fed does in December and onward. Here is a summary of Fed rate-hike expectations from major banks for Sept and Dec: Bank of America: 75 bps, 50 bps Barclays: 75 bps, 75 bps Citigroup: 75 bps, 50 bps Deutsche Bank: 75 bps, 75 bps JPMorgan Chase: 75 bps, 50 bps Goldman Sachs: 75 bps, 50 bps Morgan Stanley: 75 bps, 50 bps Wells Fargo: 75 bps, 50 bps Goldman expects a more dovish 50bps Dec rate hike, but also a slower rise to peak as it has now added a 25bps rate hike in March which brings the Fed to 5.00%. Chair Jerome Powell’s comments will be key, especially after a 7.8% rally in the S&P 500 since Oct. 12, triggered mostly by expectations of easing in the central bank’s hawkish narrative given risks to economic growth. Our full FOMC preview can be found here. “It’s a matter of balance here -- the Fed doesn’t want to signal too much hawkishness, but also doesn’t want to sound too dovish as that would result in a huge leg up in share prices and too much of an easing in financial conditions,” said Shane Oliver, head of investment strategy at AMP Services. Oliver feels caution is still needed. “We may have seen the bottom in the share market and certainly sentiment has been very negative, but by the same token given recession risks and the yield curve continuing to invert in the US, that suggests risks are still high,” he said on Bloomberg TV. “It’s a challenge for messaging because they don’t want to ease financial conditions significantly,” said Julia Coronado, the founder of MacroPolicy Perspectives LLC. “They need tight financial conditions to keep cooling the economy off. So he doesn’t want to sound dovish, but he may want to go slower.” “Continuation of the year-end rally is contingent on the Fed delivering on the pivot narrative,” said Barclays Plc strategists led by Emmanuel Cau, who see current market optimism as misplaced. “It feels premature for the Fed to loosen financial conditions via equity and bond markets -- inflation is just too high.” Former Treasury Secretary Larry Summers also warned that expectations the central bank would pivot were “badly misguided,” saying the Fed should “stay on the current course.” In premarket trading, US-listed Chinese stocks rallied for the second day and were set to extend Tuesday’s gains, after new unverified social media posts claimed the government is considering a slew of changes to its Covid Zero policy, including a shorter quarantine period for inbound travelers. Chipmaker Advanced Micro Devices rose after topping profit estimates, but Airbnb slumped after its bookings outlook for the fourth quarter fell short of expectations. Apple shares slipped after China ordered a seven-day lockdown of the area around Foxconn Technology Group’s main plant in Zhengzhou, a move that will severely curtail shipments in and out of the world’s largest iPhone factory. Here are all the notable premarket movers: AMD rose 4.9% after topping profit estimates as the semiconductor company’s expansion into the server processor market helped offset falling demand for chips used in PCs. Airbnb shares decline 6% after giving a downbeat outlook for 4Q bookings. While analysts applauded the firm’s robust 3Q results, they also highlighted the moderately weaker prospects for the alternative accommodation specialist amid FX headwinds. Arcturus Therapeutics shares surge 33% in US premarket trading after the biotech entered a collaboration and license agreement with a unit of CSL. The pact reduces execution risk, Cantor Fitzgerald says, prompting the broker to raise its price target. Bally’s cut to hold at Stifel, which says macro, regulatory and development risks in the near-term force the broker into “capitulation” and a move to the sidelines. Shares decline 1.8% Bandwidth shares jump 15% in US premarket trading after the company forecast fourth-quarter revenue above the average analyst estimate and raised its full-year outlook. Benefitfocus shares rise 48% to $10.35 in US premarket trading, after Voya Financial agreed to buy the company at $10.50 a share in cash. Canada Goose cut its non-IFRS adjusted earnings per share guidance for the full year; the guidance missed the average analyst estimate. Shares declined as much as 3.6%. Coty and L’Oreal declined after peer Estee Lauder’s second-quarter and full-year forecasts trailed consensus estimates, sinking the stock as much as 13% in premarket trading. Coty shares decline 2.8% and L’Oreal shares fell 1.7%. Chegg jumps as much as 17.5% after the education-focused company reported better-than-expected third- quarter earnings and boosted its full-year outlook for revenue and adjusted Ebitda. Match Group surges as much as 14.7% after the owner of dating apps including Tinder and OkCupid reported third-quarter revenue that beat the average analyst estimate and pledged to control costs. Analysts said that while 4Q and initial 2023 guidance were below expectations, they look achievable based on the current macro environment. DuPont gain 3.6% in thin premarket trading after the company scrapped a planned $5.2 billion acquisition of Rogers Corp., a move which analysts say will bolster DuPont’s balance sheet and improve the scope for share buybacks. Offerpad Solutions slump 3.8% in US premarket trading on Wednesday, ahead of the real estate firm’s third-quarter results due after the market close. TFF Pharmaceuticals Inc. plunges 38% in premarket trading as studies of two inhaled powder therapies have been impacted by challenges tied to “staffing shortages, shipping, and global supply chain delays,” the company said in a release. Tupperware shares plunged 33.4% after the company reported worse- than-expected third quarter results, including revenue and adjusted EPS that both missed analyst estimates. Yum China shares jump 13.6% in US premarket trading after the restaurant operator reported flat same-store sales growth in the third quarter, enough to impress analysts who had expected a decline, given stringent Covid control measures in China. ZoomInfo Technologies (ZI) shares plunge as much as 22% as analysts cut their price targets following 3Q results. Despite a beat-and- raise, comments from the software company that the operating environment is becoming more challenging show that it could be susceptible to a slowdown in the economy, according to analysts, who see growth moderating next year. European equities are mixed after euro-area manufacturing activity sank to the lowest level since May 2020. Euto Stoxx 50 little changed, erasing earlier gains; the CAC 40 outperforms peers, while FTSE 100 and DAX lag. Healthcare stocks outperformed in Europe after Novo Nordisk A/S raised its operating profit and sales forecasts for the year; consumer products and personal care are among the best performing sectors. Here are some of the biggest European movers today: Sinch shares rally as much as 36% after 3Q results, with improved free cash flow, reduced net debt and prolonged short- term financing giving another boost to the heavily shorted stock. Shares in Danish wind turbine manufacturer Vestas rose as much as 8.6%, the most since August, after positive pricing concealed a 3Q results miss which led to a 5.5% fall in early trading. Novo Nordisk rises as much as 5.9%, hitting the highest since August, with analysts noting the Danish drugmaker’s guidance raise and its confirmation on the timeline for its Wegovy obesity treatment. Hiscox climbs as much as 6.2%, the most since August, after the insurer reported smaller-than- anticipated Hurricane Ian losses and solid trading across the rest of its business. Next Plc rises as much as 3.7% after maintaining its profit guidance, which is a “small positive read to the online retail space,” RBC said. Demant falls as much as 15%, the most since mid August, after the company cut its full- year guidance. VGP slumps as much as 12% after Barclays downgraded the real estate developer to underweight from overweight. Maersk drops as much as 7.3%, with Citi noting that the shipping firm’s lower expectations for contract rates are likely to weigh on investor sentiment. Smurfit Kappa declines as much as 5.1% in Dublin after results, with Goodbody analysts highlighting the company’s “challenging market conditions” and labor inflation pressures. Packaging peer DS Smith also slides. Euro-area manufacturing activity sank to the lowest level since 2020 and A.P. Moller-Maersk A/S, a bellwether for global trade, cut its forecast for the global container market, saying inflation will persist even as demand drops as much as 4% this year. The company’s shares fell. Earlier in the session, Asian stocks headed for a three-day advance as growing speculation over China’s reopening spurred another strong rally, while traders awaited the Federal Reserve’s decision on interest rates. The MSCI Asia Pacific Index rose as much as 0.9%, led by the consumer discretionary sector. Chinese and Hong Kong stocks drove gains in the region as investors scooped up shares following wide circulation of unverified posts outlining a loosening of the nation’s Covid Zero policy. Still, enthusiasm that sparked the rally in Chinese stocks could fade if authorities there don’t follow up on the speculation, Jun Rong Yeap, a market strategist at IG Asia Pte, wrote in a note. The Hang Seng Index had its best two-day run since March before the session was cut short by a storm warning; The Hang Seng China Enterprises Index rose 2.8%, also capping its best two-day rally since March. Trading in Hong Kong closed earlier than usual due to a tropical storm.  Most other markets posted modest gains or declines as investors opted to wait and assess the Fed’s policy signals. Data on Tuesday showing a solid US labor market bolstered speculation that policy could remain aggressively tight even with the threat of a recession. The central bank is set to raise rates by 75 basis points for the fourth time in a row on Wednesday.  In rates, Treasuries were mixed ahead of FOMC rate decision at 2pm ET, with long-end yields slightly cheaper on the day and front-end yields richer by ~3bp, steepening the curve as the 2-year yield fell by around 3bps and 30-year yields added 2bps. 10-year TSY yields were little changed around 4.04% as the curve steepens around the sector; 2s10s, 5s30s spreads are wider by ~2bp and ~3bp on the day vs UK 2s10s, 5s30s spreads wider by ~9bp and ~13bp Broadly subdued price action compares with aggressive steepening in gilt curve, where 2- and 5-year UK yields are ~1bp richer on the day. Focus on Fed rate decision may limit price action over early US session; traders have been hedging prospect of Fed to hint at a slowdown in rate hikes for the December policy meeting over the past couple of weeks The quarterly refunding announcement at 8:30am is viewed as having limited potential for auction size changes and may signal progress toward a buyback program. Bunds bear-flattened, as yields rose up to 4bps. Italian bond yields rose by around 5bps across the curve. In FX, the Bloomberg Dollar Spot Index fell by around 0.2% as the greenback was steady or weaker against all of its Group-of-10 peers amid positioning ahead of today’s Fed meeting. SEK and GBP are the weakest performers in G-10 FX, NZD and JPY outperform The euro staged a slight rebound to trade around $0.99 after two days of losses against the dollar. The pound was steady around $1.15 while front-end gilts rallied, sending 2- year yields down by around 11bps The yen led G-10 gains along with New Zealand’s currency; the yen rose a second day versus the dollar. Bank of Japan Governor Kuroda told parliament the nation’s economy is no longer in deflation since the central bank started its current easing program, though added that inflation was seen slowing in fiscal year 2023; minutes of the BOJ’s September meeting noted it was desirable to keep an easing bias The kiwi and sovereign yields advanced as unemployment stayed near a record low in the third quarter while wages surged. In commodities, wheat futures fell after Turkey’s Erdogan said grain shipments via the Ukraine corridor would resume.  oil traded near $88 a barrel ahead of the Fed rate decision. West Texas Intermediate futures pared an earlier gain to trade little changed with prices stuck in a $12 band over the last month. Glencore Plc officials delivered cash in private jets to officials in west Africa, UK prosecutors said as they laid out a web of bribery and corruption orchestrated by the London oil trading desk. President Joe Biden’s threat to slap a tax on oil-company profits is more bluster than threat as the clock runs out on the administration’s efforts to tame fuel prices ahead of midterm elections. Spot gold rises roughly $8 to trade near $1,656/oz as traders mull the possibility of a rate-hike slowdown.     Market Snapshot S&P 500 futures up 0.3% to 3,877.75 STOXX Europe 600 up 0.4% to 416.07 MXAP up 0.8% to 139.99 MXAPJ up 0.8% to 448.01 Nikkei little changed at 27,663.39 Topix up 0.1% to 1,940.46 Hang Seng Index up 2.4% to 15,827.17 Shanghai Composite up 1.2% to 3,003.37 Sensex down 0.5% to 60,846.16 Australia S&P/ASX 200 up 0.1% to 6,986.66 Kospi little changed at 2,336.87 Brent Futures up 0.2% to $94.81/bbl Gold spot up 0.3% to $1,652.92 U.S. Dollar Index down 0.27% to 111.18 German 10Y yield up 0.5% to 2.14% Euro up 0.3% to $0.9902 Top Overnight News from Bloomberg Overnight volatility rallies for the major currencies as traders position for the Federal Reserve monetary policy decision later Wednesday. Pound hedging costs lead the race as the Bank of England also meets Thursday The Federal Reserve looks set to deliver a fourth straight super-sized rate increase with Chair Jerome Powell repeating his resolute message on inflation and opening the door to a downshift -- without necessarily pivoting yet Euro-area manufacturing activity sank to the lowest level since the first Covid-19 lockdowns in 2020 as record inflation and a weakening global economy erode demand for goods German companies have never been so concerned about sales as they struggle with the energy crisis and a gloomy world economy, and they fear the worst is yet to come, a survey found People’s Bank of China Governor Yi Gang gave an optimistic outlook for the economy on Wednesday, saying it remains “broadly on track” and he hoped the property market can achieve a “soft landing” A more detailed look at global markets courtesy of Newsquawk APAC stocks were mixed with the region cautious and price action mostly rangebound after the lacklustre handover from the US where strong JOLTS data spurred a more hawkish Fed terminal rate pricing and as markets await the FOMC. ASX 200 was kept afloat by strength in the commodity-related sectors but with upside capped after PM Albanese rejected providing cash handouts and with the property industry pressured after home loans and building approvals fell. Nikkei 225 was indecisive as earnings releases remained in focus and officials continued their currency jawboning. KOSPI wiped out nearly all its early gains amid geopolitical concerns after North Korea reportedly fired at least 10 missiles and which was the first time its missiles fell near South Korea’s territorial waters. Hang Seng and Shanghai Comp eventually extended their recent rumour-driven surge regarding China reopening despite the denial by a Foreign Ministry spokesperson and with officials pledging policy support measures, while Hong Kong markets were closed after half-day due to a storm signal 8. Top Asian News PBoC Governor Yi said China's economy is broadly on track and potential growth is to remain in a reasonable range, and noted that inflation remains subdued and accommodative monetary policy is to support the economy. PBoC Governor Yi added that they will continue to improve the business environment, while they will deepen supply-side reforms and step up targeted support for key and weak sectors, according to Reuters. China state planner official said China's foreign investment increased steadily so far this year and will encourage more foreign investment in the manufacturing industry, according to Reuters. China locked down the area around the world's largest iPhone factory, according to Bloomberg. BoJ September Meeting Minutes stated a few members said they need to be vigilant to the impact monetary tightening by some central banks could have on global markets, while several members said a weak yen could hurt households, small firms and non-manufacturers. Members agreed that Japan's economy is picking up and several members said the BoJ must communicate to the public its monetary policy does not directly target FX moves. RBNZ Financial Stability Report noted that the financial system remains resilient but added some households and businesses will be challenged by the rising interest rate environment, while it also stated that there are increasing downside risks to the global economic outlook and the extent to which the economic activity will slow due to monetary policy tightening remains uncertain. Furthermore, the RBNZ later stated it will consider tightening policy faster or slower at the Monetary Policy Statement. Chinese Commerce Ministry says it will expand the imports of advanced technology, key equipment and components, and increase imports of energy and agricultural products in short supply, via a Party Congress supplementary reading cited by Reuters. European bourses are mixed as the initial positive bias faded amid downward PMI revisions and increasing geopolitical tensions, Euro Stoxx 50 +0.2%. Health Care is the outperforming sector after Q3 earnings from GSK (+1.6%) and Novo Nordisk (+4.5%), more broadly sectors are mixed with no overarching bias. US futures are similarly contained but have been less reactive to the geopolitical and PMI developments as participants remain firmly affixed on the Fed, ES Unch. & NQ +0.2%. A.P. Moeller-Maersk (MAERSK DC) expect a slowdown of the global economy to lead to softer market in ocean. Cuts FY22 global container demand forecast to -2% to -4%. Freight rates have begun normalising during Q3; Maersk -5.0%. Moody's downgrades the outlook for the banking sector in Germany, Italy, Hungary, Poland, Slovakia, to negative from stable; citing energy crisis, high inflation, and rising rates, via Reuters. Top European News Germany's DIHK says German companies are bracing for another economic slump in the next 12 months; 52% of firms see business worsening in the next 12 months; says German GDP should be +1.2% in 2022 and -3% in 2023, Germany's VDMA engineering orders in Sep -5% Y/Y (Domestic -4%, Foreign Orders +8%); in first 9M orders +1% Y/Y (Domestic -3%, Foreign +2%) Next Sales Better Than Expected Despite UK’s Costs Crisis Vestas Cuts Outlook Again as Wind Turbine Industry Spirals North Korea Fires 17 Missiles in Biggest-Ever Daily Barrage Novo Boosts Sales Forecast on Demand for Obesity Drug Wegovy Sampo 3Q Pretax Profit Misses Estimates; Decides on Dual Listing Britishvolt Says Loan Gives EV Battery Startup Weeks of Runway FX USD is under modest pressure as we count down to the FOMC, action which is benefiting peers across the board with the antipodeans and JPY currently the main beneficiaries. DXY has slipped to a 111.12 low from earlier highs above the 111.50 mark, with brief respite for the USD occurring alongside the NY Times article re. Russia. EUR/USD relatively unreactive to the morning's PMI revisions, downbeat commentary and numerous surveys out of Germany featuring a similar narrative, single currency holding around 0.9900. NZD outpaces and has lifted to a test of the 0.59 mark, where the current WTD peak resides, following domestic data which seemingly keeps hawkish impulses in focus. JPY is the next best performer given its haven status and after BoJ Minutes noted several members said a weak yen could hurt; USD/JPY probing but yet to lose 147.00. BoC Governor Macklem said they expect the policy rate will need to rise further and how much further rates will go up depends on how monetary policy is working, how supply chains are resolving and how inflation is responding to tightening. Macklem added that there are no easy outs to restoring price stability and reiterated the tightening phase will draw to a close and they are getting close but are not there yet. Fixed Income EGBs are modestly pressured with yields a touch higher as such, though the complex is currently relatively contained ahead of a busy PM docket incl. the FOMC. USTs are essentially flat with yields incrementally steeper but similarly contained as such; note, the pre-FOMC docket is busy and features ADP alongside Quarterly Refunding. Back to Europe, Bunds and peers haven't been too reactive to the downbeat PMI releases/commentary, with Bunds also conscious of upcoming Green supply; 10yr yield continues to lift from 2.10%. Commodities Crude benchmarks have given up their USD and China induced APAC upside amid downbeat commentary from Maersk and the EZ Final Manufacturing PMIs. Currently, the benchmarks are incrementally softer on the session and in proximity to the USD 88/bbl and USD 94/bbl handles for WTI and Brent respectively. Spot gold is deriving support from the USD's pullback and renewed geopolitical focus on both N.Korea and Russia, with the yellow metal having surpassed its 10-DMA but currently capped by the 21-DMA at USD 1659/oz; base metals similarly firmer on the USD action and overnight trade. Russia's Kremlin exports of Russian fertiliser was an integral part of grain deal, but difficulties remain; says Russia's participation in the deal remains suspended, via Reuters; prior to this, Turkish President Erdogan said the Russian Defence Minister told his Turkish counterpart the the grain deal will resume; grain deal will resume on mid-day Wednesday. Most recently, Russia is to resume participation in the Black Sea grain deal, according to Reuters citing the Defence Ministry; it was possible to obtain written guarantees from Kyiv not to use grain corridor for military operations against Russia. Geopolitics Ukrainian President Zelensky said they need reliable, long-term defence for the grain corridor and that Russia must be told it will receive a firm world response if it takes steps to disrupt Ukrainian food exports, according to Reuters. Senior Russian military leaders recently had conversations to discuss when and how Moscow might use a tactical nuclear weapon in Ukraine, according to NYT citing sources, President Putin was not part of the conversations; "The intelligence about the conversations was circulated inside the U.S. government in mid-October.". North Korea has reportedly fired at least 23 missiles in total from the east and west coasts on Wednesday the initial rounds of which prompted South Korea to place its Ulleung Island under an air raid warning and was the first time North Korean missiles fell near the South's territorial waters, according to Yonhap and YTN. South Korean President Yoon ordered a swift and firm response and South Korea launched air-to-ground missiles which were fired towards the north of the maritime border, while South Korea closed some air routes off the east coast of the Korean peninsula after North Korea's missile launches, according to the Transport Ministry cited by Reuters. US Event Calendar 07:00: Oct. MBA Mortgage Applications, prior -1.7% 08:15: Oct. ADP Employment Change, est. 185,000, prior 208,000 14:00: Nov. FOMC Rate Decision DB's Jim Reid concludes the overnight wrap As we arrive at the latest decision day for the Fed, any remaining hopes of a dovish pivot continued to fizzle out over the last 24 hours, with futures once again pricing in a terminal fed funds rate above 5%. The main driver behind that was another round of US data yesterday, which showed that labour markets were tighter and the economy was in better shape than previously thought, which in theory should give the Fed more space to keep hiking rates. In turn, that prompted a big turnaround for risk assets, with the S&P 500 (-0.41%) losing ground for a second day running, whilst 10yr Treasury yields shot up by more than +15bps intraday after the releases came out. Ahead of those releases, there had actually been a strong rally across multiple asset classes thanks to speculation that China might ease up on their Covid restrictions (more on which below). But the latest data caused a sharp reversal shortly after US markets opened, particularly given the news that US job openings had unexpectedly risen in September to 10.717m (vs. 9.750m expected), alongside an upward revision to the August number. That means there were still 1.86 job openings per unemployed worker in September, which is creating significant inflationary pressures, and suggests that the decline in job openings in August to a one-year low might have been a blip. On top of that, the quits rate of those voluntarily leaving their jobs (which is strongly correlated with wage growth) remained at 2.7% for a third month running. Just as the labour market appeared to be in surprising strength, there was an additional dose of optimism about the economy from the ISM manufacturing reading for October, which came in at 50.2 (vs. 50.0 expected). Although it’s true that was the weakest reading since May 2020, it was still a touch better than expected and came amidst improvements in the employment (50.0) and new orders (49.2) components relative to last month, which gave further ground for optimism. In addition, the final manufacturing PMI for October was revised up half a point from the flash reading to 50.4, leaving it back above the 50-mark that separates expansion from contraction. When it comes to today’s policy decision, the Fed are widely expected to hike rates by 75bps for a fourth consecutive meeting. But the more important question for markets today (and where there’s considerably more doubt) is whether the Fed might signal a downshift in the pace of hikes at subsequent meetings. This is a tricky balancing act for them, since any signal of a pivot risks leading to easier financial conditions that makes their job of bringing down inflation even harder. That was what happened after the July meeting, where investors interpreted matters in a dovish light, and the Fed had to reiterate their hawkish intent, culminating in Chair Powell’s August speech at Jackson Hole. Our US economists write in their preview (link here) that Chair Powell’s press conference will likely not pre-judge the outcome of the December meeting and will emphasise the data dependence of the decision, not least with another couple of CPI reports and jobs reports beforehand. They expect him to leave open the prospects of another 75bp hike in December, but present a strong base case for downshifting the pace of hikes by early 2023 at the latest. Ahead of the Fed’s decision, markets moved to ratchet back up their expectations of how high they’re set to take rates over the coming months. Indeed, the rate priced in by end-2023 moved up another +9.9bps to 4.66%, which brings its gains over the last 3 sessions to +37.1bps and means that the bulk of the move lower after October 21 thanks to Nick Timiraos’ WSJ article has now reversed. In light of that, 2yr Treasuries yield gained +6.2bps on the day to reach 4.54%, with the moves higher occurring entirely after those strong US data releases mentioned above. The 10yr Treasury yield (-0.6bps) did close slightly lower at 4.04%, but that was still more than +10bps above its intraday levels prior to the releases and in overnight trading they’re back up +0.9bps to 4.05%. Over in Europe, sovereign bonds followed a similar pattern over the day, with a sharp intraday reversal following the US data, although yields on 10yr bunds (-1.0bps), OATs (-0.1bps) and BTPs (-3.5bps) still ended the session lower. Those expectations of a more hawkish Fed led to a reversal for equities too, and the S&P 500 (-0.41%) swiftly gave up its gains after the open to fall back for a second consecutive session. Tech stocks led the declines once again, and there was a significant milestone for the FANG+ index (-0.95%) of megacap tech stocks, with the index closing at a 2-year low, having now shed -45.65% since its peak just under a year ago. European equities ended the day in positive territory, albeit only after giving up a decent chunk of their earlier gains, with the STOXX 600 moving from an intraday peak of +1.51% to only close up +0.53%. That earlier momentum had been propelled in large part thanks to speculation about a potential end to Covid restrictions in China, with that backdrop seeing the CSI 300 post its strongest daily performance since March yesterday. The moves were triggered by unconfirmed posts on social media that China was forming a committee which would look at relaxing restrictions, with a suggestion for reopening in March 2023. However, a spokesman for the Chinese Foreign Ministry said that he was “not aware of what you mentioned” when asked about the issue at a press briefing on Tuesday. Overnight in Asia, that continued speculation about a policy reversal has seen a fresh outperformance in a number of equity indices, with the Hang Seng (+2.50), the CSI 300 (+1.48%) and the Shanghai Comp (+1.29%) all recording solid gains. That’s in spite of the absence of any official confirmation about a change in China’s policy. Elsewhere, some of the other indices have been more mixed, with the Nikkei (-0.10%) slightly lower and the Kospi (+0.24%) recording a modest advance, although US futures are pointing in a more positive direction, with those on the S&P 500 up +0.32% ahead of the Fed’s decision. On the data side, there were some fresh indications of global inflationary pressures overnight, with South Korea’s CPI inflation seeing its first rebound in three months as it rose to +5.7% as expected, whilst core CPI surpassed expectations to hit a 13-year high of +4.8% (vs. 4.5% expected). In the meantime, we also heard from Bank of Japan Governor Kuroda who reiterated their dovish policy, saying that they were not thinking of rate hikes or changing their yield curve control policies now. Back in the US, we’re now less than a week away from the mid-term elections on Tuesday, and momentum has remained with the Republicans in recent days. According to FiveThirtyEight’s model, they now have a 51% chance of taking the Senate, which is up from 30% only six weeks ago, whilst the chances of them regaining the House now stand at 83%. To the day ahead now, and the main highlight will be the Fed’s latest policy decision and Chair Powell’s press conference. In the meantime, ECB speakers today include Makhlouf, Villeroy and Nagel. On the data side, we’ll get October data on German unemployment, the final Euro Area manufacturing PMIs, and the ADP’s report of private payrolls for the US. Finally, earnings releases include Qualcomm, CVS Health and Booking Holdings. Tyler Durden Wed, 11/02/2022 - 08:10.....»»

Category: dealsSource: nytNov 2nd, 2022

Disney restored Walt"s Mickey Mouse One Gulfstream private jet that was left to rot in Florida"s heat and humidity – take a closer look at the vintage plane

The abandoned and neglected historic Gulfstream jet was left in mothballs in a Disney World field until "shame" forced the company to take action. Walt Disney’s Grumman Gulfstream I airplane will debut at its new home at the Palm Springs Air Museum on Oct. 15.Walt Disney Archives Walt Disney used the private jet to scout Disney World – then codenamed Project X. The company flagship was affectionately known as Walt's Plane and The Mouse. The fully outfitted galley included a hot cup for heating Walt's favorite chili. The Walt Disney Company has reverentially restored the mothballed and neglected historic exterior of its famed founder's beloved Mickey Mouse One Gulfstream jet that was abandoned to rot in the Florida heat and humidity of a field in Disney World.American film producer and studio executive Walt Disney (1901 - 1966) stands with a group of boys and others as they wait for a parade on Main Street USA at Disneyland, Anaheim, California, August 1962.Photo by Tom Nebbia/Corbis via Getty ImagesWalt Disney's Grumman Gulfstream I airplane will debut at its new home at the Palm Springs Air Museum on Saturday, October 15.Walt's PlaneBrady MacDonald/InsiderThe company flagship refurbished by Walt Disney Imagineering and the Disney Archives was affectionately known throughout its storied history as Walt's Plane and The Mouse.Walt's PlaneBrady MacDonald/InsiderDisney CEO Bob Chapek unveiled the restored Mickey Mouse One in its "full original glory" as the centerpiece of the D23 Expo in Anaheim, California.Walt Disney’s Grumman Gulfstream I airplane will debut at its new home at the Palm Springs Air Museum on Oct. 15.Brady MacDonald/Insider"This little beauty has been basking in the Florida sun for about the last 40 years," Chapek said at the D23 Expo.Bob Chapek at D23 Expo 2017 in Anaheim, California.Image Group LA/Disney via Getty ImagesFrom his cabin window, Disney surveyed the scrub-filled Central Florida swamps in the 1960s that would become Walt Disney World – then known by the code name Project X.Walt Disney's PlaneBrady MacDonald/Insider“Walt made several trips to Florida to look at the property and fly his Imagineers back and forth,” Walt Disney Archives Director Becky Cline said. “It wasn't just Florida they were scouting with Project X. They wanted to do an East Coast Disneyland. They looked at a number of different places on the East Coast.”Walt Disney's PlaneWalt Disney ArchivesA customized instrument panel with an altimeter, true airspeed indicator, and Mickey Mouse clock allowed the aviation enthusiast to monitor flight conditions from his favorite cabin seat.Walt Disney's PlaneWalt Disney ArchivesA nearby telephone handset gave him a direct line of communication to the pilot in the cockpit.Walt's PlaneBrady MacDonald/InsiderWalt never became a pilot – but that didn't keep him out of the cockpit. "Often he would go up and sit in the co-pilot seat and watch the plane being flown," Cline said during a phone interview. "He was fascinated by all modes of travel."Walt Disney prepares to board a helicopter bound for his theme park Disneyland, under construction in Anaheim, California, circa 1955.Photo by Archive Photos/Getty ImagesThe flight crew always kept a Mickey Mouse matchbook next to the plane's Duk-It ashtray for the boss – a lifelong smoker.Walt Disney's PlaneWalt Disney ArchivesPassengers flying aboard The Mouse were given a flight bag with a silhouette image of Mickey lounging on the tail of the Gulfstream.Walt Disney's PlaneWalt Disney ArchivesCocktail napkins featured pilot Mickey and stewardess Minnie flying on a patched-together cartoon plywood prop plane version of N234MM – the same tail number as Mickey Mouse One.Walt Disney's PlaneWalt Disney ArchivesDisney pilots often changed the “Two, Three, Four, Metro Metro” air traffic controller call to “Two, Three, Four, Mickey Mouse” on approach to an airport.Walt Disney's PlaneWalt Disney ArchivesDisney DiningThe 15-passenger plane with a 3-person crew featured a galley kitchen, two couches, two tables, a drop-down desk, and two restrooms – one for the passengers and crew and another for Walt.Walt Disney's PlaneWalt Disney Archives“It had a fully outfitted galley in the main cabin, which was special at that time,” Cline said. “It was capable of providing in-flight meals for all 18 people aboard. It had a sink, a warming oven, food storage, tray containers, and heating elements so they could heat up Walt’s chili and that sort of thing.”Walt Disney's PlaneWalt Disney ArchivesWalt Disney started shopping for his own plane in Summer 1960 after becoming disillusioned with commercial air travel.Walt Disney’s Grumman Gulfstream I airplaneWalt Disney Archives"They had a drop-down table so that they could have meetings and layout drawings and charts," Cline said. "Frankly, that's the main reason Walt wanted the plane. He wanted a private plane so that he could continue working, which is something he couldn't do when he flew commercial."Stewardess Izola Readle takes tickets from cartoonist Walt Disney, with his creation Mickey Mouse, in Newark, New Jersey as they board an airplane on their way to the World's Fair in Chicago.Credit: Bettmann / GettyA piston-engine Beechcraft Queen-Air 80 purchased in 1962 was quickly deemed inadequate for increasingly frequent trips from Burbank to New York in preparation for the 1964-65 World's Fair where It's a Small World and Great Moments with Mr. Lincoln debuted.Walt Disney drives a red Autopia car with his daughter and grandson as passengers at Disneyland theme park, Anaheim, California.Photo by Gene Lester/Getty ImagesThe new Grumman Gulfstream G-159 was purchased in late 1963 and outfitted with interior furnishings, cockpit avionics, and orange and black livery emblematic of the Walt Disney Productions logo.Walt Disney’s Grumman Gulfstream I airplaneWalt Disney ArchivesWalt and his wife, Lillian, offered input on the custom interior and exterior design of the undecorated aircraft that was delivered with an olive-green primer inside and out.Walt Disney’s Grumman Gulfstream I airplaneWalt Disney ArchivesThe interior was outfitted in a rust, orange, brown, and gold color scheme that was popular in the 1960s.Walt Disney's PlaneWalt Disney ArchivesA clear divider filled with leaves and long grasses collected from the Disney family backyard separated Walt's private space on the plane from the rest of the cabin.Walt Disney’s Grumman Gulfstream I airplaneWalt Disney Archives"That was something Walt and Lillian added to the plane as a touch of home," Cline said.Walt's PlaneWalt Disney ArchivesThe N234MM registration number – with the MM chosen to honor the mouse that started it all – was ultimately transferred from the Queen-Air to the tail of the Gulfstream.Walt's PlaneBrady MacDonald/InsiderThe pilot's logbook from 1963 showed the Disney Gulfstream traveling from Burbank to Orlando, Key West, New Orleans, and New York. Walt Disney often read movie scripts on the short hops between Burbank and Palm Springs.Walt Disney's PlaneWalt Disney ArchivesA 1964 Western Union telegram from St. Louis to Burbank sent by Walt Disney humorously referred to his brother Roy as "President of Fantasy Airlines" and offered "compliments on the fine airline you run."Walt Disney's PlaneWalt Disney ArchivesWalt Disney praised his new Gulfstream in a 1964 letter to Grumman Aircraft Engineering Corp. "Speaking strictly as one of the passengers, the comfort, the quiet, and the beauty of this plane makes it an outstanding one," Disney wrote.Walt Disney sits with his grandson at an outdoor patio table while visiting Disneyland in Anaheim, California.Photo by Gene Lester/Getty ImagesAfter Disney's death in 1966, the plane was used for company business and made appearances in two long-forgotten Kurt Russell-starring Disney movies – "The Computer Wore Tennis Shoes" (1969) and "Now You See Him, Now You Don't" (1971).Walt Disney’s Grumman Gulfstream I airplaneBrady MacDonald/InsiderThe Burbank-based aircraft was moved to Orlando in 1985 and was eventually put on display as part of the Studio Backlot Tour at what is now known as Disney's Hollywood Studios theme park.Walt's PlaneBrady MacDonald/InsiderAfter the Disney World attraction closed in 2014, the "abandoned" plastic-wrapped plane sat in a field nearby.Walt Disney’s Grumman Gulfstream I airplaneBrady MacDonald/InsiderDuring its 28 years of airborne service, The Mouse flew 20,000 hours and transported 83,000 passengers – including Disney stars Julie Andrews and Annette Funicello and US Presidents Jimmy Carter and Ronald Reagan.Walt's PlaneWalt Disney ArchivesThe plane was decommissioned in 1992 and the twin Rolls Royce engines and everything in the cockpit were sold. "There was a lot of material inside the plane that couldn't be salvaged," Cline said. "They replaced the windows and resealed everything to protect it, but pretty much everything was taken out of the interior at that point. What was salvageable was shipped to the Walt Disney Archives here in California."Walt Disney drives a miniature railroad with a line of passengers behind him at his home in the 1950s.Photo by Gene Lester/Archive Photos/Getty ImagesIt was in this state that the decommissioned plane was part of the backlot tour from 1992 to 2014.Walt Disney’s Grumman Gulfstream I airplaneBrady MacDonald/Insider  "By that point, the sealant around the windows had disintegrated and it definitely needed a paint job," Cline said. "It leaked, frankly, because of the humidity and everything in Florida. They get a lot of rain down there."Walt's PlaneBrady MacDonald/InsiderThe aging and deteriorating Disney plane was reportedly offered to Florida air museums with no takers before the Palm Springs Air Museum agreed to become the new home of Mickey Mouse One.Walt's PlaneBrady MacDonald/Insider"It's going to move on to the Palm Springs Air Museum close to the Smoke Tree Ranch, which is where Walt and his family spent some time in Palm Springs," Chapek said at the D23 Expo. "It's going to essentially go back to its roots."Walt Disney and his wife, Lillian, smiling at their home.Photo by Gene Lester/Getty ImagesImagineering cleaned up the plane, replaced the windows, sealed the fuselage, added new wing edges, and painted the exterior with the original 1960s livery, including the Mickey Mouse registration number.Walt Disney’s Grumman Gulfstream I airplaneBrady MacDonald/InsiderThe plane was disassembled at Disney World and transported cross-country on four flat-bed trucks for the D23 Expo in California. After the convention, the wings, fuselage, and tail were taken apart and once again trucked to Palm Springs where the plane was reassembled.Walt Disney rides proudly January 1, 1966 as Grand Marshal of the Rose Parade with a character he made a household name, Mickey Mouse.Photo by Bettmann Archive/Getty Images"There really isn't anything at all left inside," Cline said. "We're hoping that one day we might be able to restore the interior as well."Walt's PlaneBrady MacDonald/InsiderRead the original article on Business Insider.....»»

Category: topSource: businessinsiderOct 14th, 2022

See inside the historic Gramercy Park Hotel"s liquidation sale, where people wait in line for hours and spend thousands on artwork, embroidered chairs, and plush pillows

The famous Gramercy Park Hotel in NYC is holding a liquidation sale where everything from the decor to the furniture and silverware is up for grabs. Sarah Belle Lin/Insider Most everything inside the famed Gramercy Park Hotel in NYC is on sale to the public.  An assortment of items is for sale, from soup spoons to embroidered chairs to cabinets.  Prices range anywhere from $1 for stationery to $5,000 for hotel artwork.  It's not every day in New York City that an iconic place like the Gramercy Park Hotel, nestled next to the private park of the same name, holds a liquidation sale. The Gramercy Park Hotel opened in 1925 and catered — usually with an air of privacy and discretion — to former presidents, legendary musicians, and athletes. Its polished, bohemian clientele had a flair for luxury and sophistication. But a messy drama unfolded as ownership changed hands. The hotel's operator, RFR Holding and its cofounder Aby Rosen, were eventually evicted following a lawsuit that accused them of not paying rent. Now, mostly everything — from soup spoons to entire beds, and curtain tassels to sensual artwork — is being liquidated and is on sale to the public. Because of the "overwhelming response from former guests, clients and staff wanting to purchase memorabilia" from the Gramercy Park Hotel, the auctioneers elected for a two-part liquidation, according to Best Buy Auctioneers. The first phase consisted of a private liquidation sale for certain buyers. The second phase is open to the public. Prices are set by the auctioneers, who have experience selling restaurants, fitness centers, offices, hotels, and conference centers."The cheapest is a dollar for stationery and $5,000 for one piece of art," one of the auctioneers, Vivia, told Insider. The sale is set to go on for at least another month. I arrived at the Gramercy Park Hotel around 1 p.m. to find a thick crowd of people waiting at the entrance.The Gramercy Park Hotel is located on 2 Lexington Avenue in ManhattanSarah Belle Lin/InsiderGramercy Park is one of Manhattan's oldest neighborhoods, known for its quiet, residential feel. The hotel — with its 185 guestrooms and suites, upscale bars, and rooftop terrace — has long played host to a cache of guests: Madonna, David Bowie, Bob Dylan, John F. Kennedy, Babe Ruth, The Rolling Stones, Humphrey Bogart, Blondie, The Clash, Leonardo DiCaprio, Bono, the list goes on. There was a throng of people waiting to go inside, and I had a feeling I was in for a good time when I saw a set of elegant chairs.I hope those gorgeous chairs are going to a good home.Sarah Belle Lin/InsiderThe line wasn't moving when I arrived but I could tell people were bristling with excitement from their smiles and the light chatter. I saw people loading furniture into SUVs and a lovely set of stately, embroidered tapestry chairs waiting to be transported to their new home.I couldn't see anything inside the hotel yet. I headed towards the back of the line, which stretched around the corner and down the block.While the liquidation is free to enter, you'll have to pay in time.The line stretched around the Lexington Avenue corner and down Gramercy Park North.Sarah Belle Lin/InsiderI wasn't surprised to see a line, especially reading all the buzz online. One TikTok video of the sale now has over 750,000 views.Roughly 1,000 people have come to the sale every day, the auction house said. I saw an assortment of people waiting in line: a mother with her newborn, young couples, and small groups of friends. I counted 126 people in line as I made my way to the back. As I waited, I heard one passerby say she waited for four hours the other day. The line didn't look too long, so I guessed It'd be about 30 minutes.  When I reached the front of the line, I saw a couple of shoppers leave the hotel with a piece of artwork and a red, studded mirror.The hotel artwork was $350 while the red mirror cost $500.Sarah Belle Lin/InsiderOne of the main reasons people were waiting in line for so long and spending hundreds or thousands at the sale was because they all wanted a piece of history. For one shopper, this red mirror is just one piece of the city she was saving. She already found an entire New York City traffic light at a flea market."I want to have a bar one day with some NYC stuff," she told Insider. After an hour of waiting, I made it inside. I noticed the opulent chandelier right away.My first thought upon entering the lobby: How much is the chandelier?Sarah Belle Lin/InsiderOne auctioneer told me that there's already been at least one bid on the chandelier, but that the chandelier is off the market. Why? "I have no idea. We were told it's not for sale," was all I got from an auctioneer. It felt like a once-in-a-lifetime experience to see bits and pieces of the hotel's history.The lobby was full of velvet chairs, mirrors, cabinets, and already-claimed furniture.Sarah Belle Lin/InsiderIt looked like a maze: lush, velvet sofas with $55 matching pillows pushed against the walls,  $500 ring-pull cabinets, and $300 mirrored-glass coffee tables. Small picture books of "The Seasons of New York" and copies of Kerby Jean-Raymond's "Surface" dotted the landscape. The grand, beaming Venetian chandelier over our heads shined over an otherwise shadowy and musty lobby. One of my favorite parts of the experience was watching people's reaction to more furniture being unloaded into the lobby from one of the hotel's 190 guest rooms.The excitement was both subtle and palpable.Sarah Belle Lin/InsiderThere was so much furniture that I could barely see the famed Aubusson rug in the lobby designed by Julian Schnabel, the Brooklyn artist behind many of the lauded art pieces inside the hotel.There were muted conversations happening around me and I was entertained by some of what I heard."Sir, the alcohol is not for sale. I don't know how they keep appearing," one worker said."How do you know the prices?" one person asked an auctioneer. "You just ask one of us," he responded. I'm not sure the auctioneer answered their question, but I think they caught his drift. Others lightly scoffed at the prices when they heard them, like one person who joked they could carve Gramercy Park Hotel's logo himself or another person who repeated the price of a cabinet several times in disbelief."I don't think I'll need any of this stuff," one person said. Good luck accessing the other floors. You could try on the weekends, though.Shoppers could access more floors if they were interested in buying entire rooms.Sarah Belle Lin/InsiderThere's less access to the upstairs rooms than when the sale first started. Now, anyone who is interested in purchasing and seeing a few of the hotel's guestrooms and suites upstairs will have a better chance on weekends, Benigno told Insider. I saw that red mirror again, and they were everywhere.All for sale: ornate pillows, studded crimson mirrors, and adjustable corkscrew side tables.Sarah Belle Lin/InsiderThe prices seemed to be arbitrarily set by the auctioneers. Depending on which auctioneer you asked, you might be quoted different prices with just a single, passing glance. I overheard the same red mirror I saw outside of the hotel being quoted at $400 —  $100 less than what one person paid. I heard lamps being quoted for $400, leather tables for $500, television monitors were anywhere from $150 to $250, and drawers could cost up to $500. The sofas, I found out, were not yet for sale because they were "part of the building so they have to stay here," Joseph Benigno, the owner of Best Buy Auctioneers and lead auctioneer, said, adding that there are around a dozen tenants still living in the hotel.There have been whispers that the building will be turned into condominiums. But auctioneers told Insider that it's just a rumor. The atmosphere truly felt like an auction, which prices being called out loud, and a regular stream of announcements made by the lead auctioneer.Joseph Benigno, lead auctioneer, directed newcomers into the lobby, and shuffled others out by promising there would be more furniture in the near future.Sarah Belle Lin/InsiderBenigno kept one eye on traffic and the other on furniture sales. He would let in a dozen or so people at a time, and I didn't count more than 50 people inside the lobby and Rose Bar rooms while I was there. The second room was stuffed with a myriad of hotel artwork, velvet chairs and chaises, wood tables, and one random book published in the 60s titled "Music in the Classic Period".The former Rose Bar was just as crammed with mystified shoppers and mysterious hotel items.Sarah Belle Lin/InsiderThe second room housed the former Rose Bar, what used to be an upscale, bohemian cocktail parlor. One shopper tried to purchase two bottles of Bombay Sapphire Gin, much to the annoyance of the auctioneer, who wondered out loud who kept supplying the alcohol. He was one of many shoppers I saw who were rather possessive over their found treasures. The artwork all had a raw grunginess about them. I saw copies of the same photograph in varying sizes as well as a series of paintings.Some of the hotel artwork in the Rose Bar room, including the black-and-white "Girl/Eyes" photograph. Behind some of the artwork is a label that identified the room the artwork was hung in.Sarah Belle Lin/InsiderWhile Andy Warhol was a signature touch in the Rose Bar and Jean-Michel Basquiat could easily be stumbled into, I didn't see any Warhols or Basquiats for sale to the public.When I announced my surprise at how no one seemed to want to purchase this photograph of a woman, one woman said "She's $1,000!" Another person overheard my comment and said it's a steal because he had seen the same artwork online for double the price. Artwork was amongst the most expensive items for sale at the liquidation, according to Best Buy Auctioneers.There were some practical items that did catch my eye, like this vintage American Tourister luggage case.One shopper unearthed a vintage American Tourister luggage case.Sarah Belle Lin/InsiderWhile I didn't see much use for most of the items I saw, I was really interested in the books — mostly New York City-themed picture books meant for coffee tables and tourists — including one book called "Music in the Classic Period" by Reinhard G. Pauly with a stamped inscription on the first page showing its journey to the Gramercy Park Hotel from the Wausau East Senior High School's Music Department.I also saw Ric Burns and James Sanders' "New York: An Illustrated History" on sale for $30, which is half the sticker price. I saw some standard hotel items like bathrobes and slippers embellished with the Gramercy Park Hotel logo.I found several items, like coffee cup sleeves and room slippers, with the classic hotel logo for sale.Sarah Belle Lin/InsiderFor those who are especially attached to the hotel and artistic vision belonging to Julian Schnabel, I saw some items for sale with the hotel's logo, which Schnabel had designed. There were coffee cup sleeves, room slippers, as well as the hotel's signature bathrobes for $100. The GPH umbrellas, t-shirts and hats were sold quickly, according to Avenue Magazine Editor-in-Chief Peter Davis. Those were already gone when I arrived. There were dozens of bottles of the hotel's Aesop clove bud and anise mouthwash bottles for sale, as well. "The best stuff was the GPH logo items — the bathrobes and the umbrellas," Davis told Insider. "The tee shirts and hats vanished fast. Stuff was pretty pricey for a city-mandated auction/sale! If I was opening a gothic restaurant I would have snagged some of the upholstered tapestry chairs. The dishes and plates were so basic and boring and not 'luxury hotel'-like — think high school cafeteria."I heard shoppers shoot their shot by negotiating, but the auctioneers told me they were not accepting any side deals of any sort.The auctioneers accepted cash or Zelle payments, but not negotiations, they said.Sarah Belle Lin/InsiderPeople easily spent thousands on the spot, including one woman who made several trips to the hotel and spent more than $10,000 each time."Well, it probably took them more than an hour, but she spent $33,000," one auctioneer, Mark, told Insider.There were people who tried to negotiate the prices, some jokingly and some who were serious, according to Best Buy Auctioneers. But "100% of the time, they kept walking and paid the price and left," said Mark, one of the auctioneers.Nur Khan, the former creative director of the hotel's Rose Bar, told Insider that he revisited his old haunt with his business partner, John McDonald, owner of several downtown restaurants, including Lure Fishbar and Bowery Meat Market. "I picked up some velvet ottomans from Rose Bar and put them in my current Bar Butterfly," Khan said. "Also bought some large bolts of velvet fabric and brand new rugs that were in the large suites." This shopper spent $200 on pillows and luggage stands for her Airbnb.This New Yorker plans on using the luggage stands and velvet pillows for her Airbnb.Sarah Belle Lin/InsiderI left the liquidation feeling like I wouldn't be able to replicate this experience anywhere else. The most recent auction of a similar caliber was in 2020, when the soon-to-be-renovated Waldorf Astoria held an auction for 80,000 items. Now that I've experienced the Gramercy Park Hotel sale, I wish I was at Waldorf Astoria auction.Even though I don't personally have any ties to the hotel, I witnessed a relationship people shared with the building that was visibly special. And public auctions seem to be a low-barrier way to bridge history with the present. "It's a hidden part of the American capital system," Mark, one of the auctioneers, told Insider. "You're gonna get an education about the American capital system, you're not going to get anywhere else. If you don't come, you're never going to know that this exists in a way that it does."Meanwhile, those with a personal connection to the Gramercy Park Hotel walked out with more than just household goods."The one thing that wasn't for sale was the GPH memories," Peter Davis, the Avenue Magazine Editor-in-Chief, told Insider. "Everyone in the NYC social scene has one. I remember meeting Lil' Kim at a [Marc Jacobs] opening party. I congratulated her on her release from prison and she gave me a huge hug and said "I love you baby." What a cool moment. I was a regular cohost of the Rose Bar's Halloween party and all the cohost's rooms became mini after-hours parties. If those walls could gossip!"Read the original article on Business Insider.....»»

Category: topSource: businessinsiderOct 4th, 2022

Marilyn Monroe collector reveals why late Hollywood legend is more valuable 60 years after her death

Hollywood actress Marilyn Monroe, also known as America's most famous sex symbol, had a reported net worth of $800,000 at the time of her tragic death in 1962. Marilyn Monroe’s market value is still shining brightly 60 years after her death. The Hollywood actress, also known as America’s most famous sex symbol, died in August 1962 at age 36. According to reports, the star had a net worth of $800K at the time of her death, which is nearly $8 million in today's money. Monroe’s net worth in 2022 is a reported $10 million. In 2020, she ranked No. 13 on Forbes’ list of highest-paid dead celebrities due to her image and name being used by nearly 100 brands globally. A fictionalized version of the star is the subject of an upcoming Netflix film, "Blonde," which has received an NC-17 rating. Scott Fortner, a lifelong fan, is determined to keep Monroe’s legacy alive by preserving some of her most prized possessions. Fortner, who is considered an authority on Monroe, assists major auction companies in authenticating and verifying memorabilia.  ANDY WARHOL'S MARILYN MONROE PORTRAIT SELLS FOR RECORD $195M He owns the world’s largest private collection of Monroe’s personal property and archives, which he shares on both his website and social media.  This year, he’ll be celebrating her life at several events at TCL Chinese Theatre in Hollywood, California. Fortner spoke to FOX Business about how he became a sought-after collector and why Monroe is more valuable than ever and offered his advice for fans eager to obtain an authentic piece of history. FOX Business: How did you end up becoming a Marilyn Monroe memorabilia collector?Scott Fortner: Like anyone, you’re just taken by someone or find yourself very interested in a particular figure. That’s what happened to me when I was probably 12 or 13. I was really fascinated by Marilyn Monroe. I started collecting books and magazines as I read and learned more about her. This continued through adulthood. Then, in 1999, her entire estate was put up for auction at Christie’s in New York. That auction really set the stage for celebrity auctions. I acquired the catalog from the auction, which became another book for my collection. But then I started to see some items from the 1999 sale that were being resold online on eBay and at other auction houses.  I thought to myself, "Why am I collecting books and magazines when I could be collecting items that Marilyn owned?" That’s how it started over two decades ago. … This isn’t an organization or a company investing in these items for business purposes or other concepts. I just happen to be a fan who’s lucky enough to collect. CLICK HERE TO READ MORE ON FOX BUSINESS FOX Business: Do your items ever get loaned out to museums or is it strictly private?Fortner: As someone lucky enough to obtain these items, I feel a bit of an obligation and a duty to share them with the rest of the world and give other fans an opportunity to see Marilyn through her objects in the same way that I do.  I loan my collection for exhibitions. It’s been on exhibit around the world. I’ve often participated in opportunities to raise money for charitable causes. For example, some items have been on display to raise money for the actual orphanage where Marilyn lived as a child, which is still in business today. FOX Business: What’s your process like in finding authentic memorabilia?Fortner: When I first started, I didn’t know much about the auction business as we know it today. Over the years, I’ve come to learn more about the auction industry. I’m now connected with most of the major auction companies around the world, such as Christie’s, Julien’s Auctions and Heritage. Those are your top auction companies for entertainment memorabilia. I’m also pretty well known in the collecting community. A lot of times people will reach out to me privately to see if I might be interested in purchasing something that they may have. I believe networking and learning are really important if you want to expand your collection. And I’m always looking for the next thing to add to my collection. GET FOX BUSINESS ON THE GO BY CLICKING HERE FOX Business: How many items do you currently own?Fortner: I don’t have an exact number anymore. I stopped counting. But it’s in the several hundreds. FOX Business: What would you say is your crown jewel?Fortner: The item that I get asked the most about is Marilyn’s personal Pucci blouse. During the last few years of her life, she wore Pucci quite a lot. It was an Italian designer that she discovered, which shifted her look away from the ‘50s, such as the tight skirts and sweaters. It was a more modern, easier look. She had several Pucci items in her closet. She was also buried in a green Pucci dress. So the brand has become synonymous with Marilyn. The blouse I own happens to be the blouse she was wearing in the photos taken on the weekend before she passed away, the last photos ever taken of her alive. It’s the item I get frequently asked about in terms of selling. It’s not for sale. I’m a collector, not a dealer. The most recent item I’ve added to my collection is something I’ve wanted for quite some time. It’s a pair of Marilyn’s Ferragamo high heels. The white Ferragamo high heel was a go-to look for her. There are countless photos of Marilyn wearing them throughout the ‘50s and ‘60s. It’s a new staple in my collection that I added just last month. MARILYN MONROE’S FIGURE-HUGGING GOWN BECOMES TOP SELLER AT AUCTION: SHE’S ‘STILL TURNING HEADS TO THIS DAY’ FOX Business: Which item was the hardest for you to obtain?Fortner: Marilyn attended a benefit for the Actor’s Studio. She was an usherette. People would come into the theater, and Marilyn would escort them to their seats and hand them a program. I’m sure that must have been quite the experience to be escorted by Marilyn. She wore an ensemble that consisted of an evening dress and a matching cape. That item came up for auction several years ago. I bid on the item and was told that I had won. It turned out that it didn’t make the minimum bid or the reserve. A lot of times, a seller will say, "If it doesn’t reach this certain amount, I’m not going to sell the item." I found out after the auction and I went through the grueling process of attempting to negotiate with the seller. I bought it privately after the fact. It took several months for that to happen. But I was fortunate because it’s probably one of Marilyn’s most well-known public events. Now I have that cape as part of my collection. FOX Business: Marilyn passed away 60 years ago. Why do you believe she’s more valuable than ever?Fortner: For starters, she’s an icon. And I think people relate to her in so many ways today. Some people just enjoy her photos. Others enjoy her films. Some people relate to the personal struggles that she endured throughout her life. What I often find is that people feel a connection to her. There’s a sense of wanting to protect her. I think her appeal is very broad. And it’s not just in the United States — it’s worldwide. I’ve connected with other collectors and fans around the world, so her reach is very extensive and long-lasting. She’s an icon of beauty, for fashion and a legend of the silver screen. FOX Business: How difficult is it to find and buy authentic Marilyn memorabilia today?Fortner: What I’m seeing now is that people are very much holding onto their collectibles and memorabilia because it is increasing in value as time goes by. So whenever there is an auction, the number of pieces available can be very limiting. And Marilyn is one of those people whose value doesn’t decrease. She holds value and increases in value. So people aren’t as quick to put up their items for auction. Therefore, the availability is getting harder. MARILYN MONROE'S DRESSES FROM POPULAR MOVIES UP FOR AUCTION FOX Business: How can one determine whether an item is authentic or not? What are some tell-tale signs you look out for?Fortner: One of the first things you want to do is ensure you’re verifying authenticity. Where did the item come from? Did it come from that 1999 Christie’s sale or another auction sale, such as from Julien’s? You want to make sure it came from a major auction company and verify the year it was originally sold. Also, is there a photo that can be matched with the item? Is there a photo of Marilyn wearing the item, whether it was at home or a public event? Many items from my collection are photographed with Marilyn. What I tell people to avoid is what I call second- or third-generation items, such as a seller saying, "Marilyn gave this to me." Those items usually come with a letter or certificate of authenticity. Those items are very risky purchases and, usually, they’re not authentic. There’s a huge market today, particularly on eBay, where people will create certificates of authenticity claiming this is an authentic item when, in reality, it was probably something acquired from a secondhand store. They’ll just purchase the item, create a letter of authenticity, and then sell it for thousands of dollars on eBay. Unfortunately, many people tend to believe an item is real just because it comes with a certificate claiming it came from Marilyn’s makeup artist or hairstylist. Usually, that’s not the case. I’m so often contacted by people who say, "I’ve got this item for sale, and here’s the letter of authenticity for it." I’m in the position of having to tell them, "This item is not real, and here’s how I know that." A perfect example involves Marilyn’s foster sister, Bebe Goddard. Marilyn lived with the Goddard family for some time. [Later on], Bebe worked with a memorabilia dealer to create items that he sold for her, which were fake pieces. They even went as far as to spray Chanel No. 5 on those items. After she passed away, it was verified through her documents that these items were sold to people. Just because it was someone who was a part of Marilyn’s life, people believed they were real. And these items came with a certificate of authenticity claiming they were real. Today, people continue to create these fake letters of authenticity. And it’s not only with Marilyn items. It’s with all kinds of celebrity memorabilia. There are a few real items on eBay that are authentic. I would advise people to stick with the major auction companies.  NYC APARTMENT OF HOLLYWOOD LEGEND GRETA GARBO HITS MARKET FOR $7.25M: ‘CINEMATIC VIEWS' Also, autographs are very easy to forge. Today’s printers are so good. You can easily take a check, even an authentic Marilyn-owned check, and do a photocopy on the front and back. Then you’ll frame that item in a display case. A lot of times, people will do that. And, of course, many will think it’s real when, in reality, it’s just a copy. There are many other ways people forge signatures, even in autograph books and photographs. You have to do your homework and make sure that the item you’re purchasing is truly authentic. FOX Business: What about if you’re a Marilyn fan and want to own something that once belonged to her? What’s the first piece of advice you would give them?Fortner: My first piece of advice is to make sure this is something you’re going to have interest in the long-term, not just a spur-of-the-moment purchase. You don’t want to have buyer’s remorse. Also, set a budget. Auctions can get very emotional. It’s also very competitive. For some people, they just want to win. You want to make sure you set a budget and try not to go over it. People also tend to forget there are premiums that the auction companies apply as part of selling an item, as well as taxes. I have come across people who don’t realize that, after winning an auction, there’s a certain percentage on top of that for the premium and then another percentage on top of that for state taxes. It does add up. I would also stick to the major auction companies, especially if you’re starting. FOX Business: Every year, Marilyn continues to be one of the top-earning dead celebrities. How is she earning top dollar today?Fortner: Marilyn’s estate is owned by Authentic Brands Group, which is a company that owns the rights, licenses, marketing, advertising and branding for many deceased celebrities. They license Marilyn’s name and image to people who want to promote certain products. She’s still very much in demand, which is why Marilyn is one of the highest-earning dead celebrities today. .....»»

Category: topSource: foxnewsAug 4th, 2022

These are the 37 tech companies most likely to be acquired by private equity firms

The biggest story in tech right now is an oncoming buyout bonanza. We ranked the tech companies most likely to be acquired by private equity firms. Welcome back, readers. Jordan Parker Erb here, ready to fill you in on the biggest tech news. Today, I'm sharing the 37 tech companies that are most likely to be acquired by private-equity firms. No time to waste — let's get started.If this was forwarded to you, sign up here. Download Insider's app here.Wix; Zuora; EverCommerce; LiveRamp; Insider1. We ranked the tech companies most likely to be acquired by private-equity firms. It's been a bruising year for tech companies, but the downturn isn't bad news for everyone — PE firms have a chance to snag profitable, fast-growing companies at bargain-basement prices.Cyndx, a market-research firm, provided Insider with data on the tech companies that are most likely to become targets for acquisitions, based on factors like revenue, stock price, and earnings expected for next year.According to the data provided, the tech companies that private-equity firms could acquire range from Chegg to Expensify.Valuations have fallen so much that "private-equity firms are licking their chops," one venture investor told Insider.Here are the 37 firms most likely to be acquired.In other news: Elon Musk and Sergey BrinWin McNamee/Getty Images, Chris Hondros/Getty Images2. Elon Musk reportedly had an affair with the wife of Google co-founder Sergey Brin. The alleged affair, first reported by the Wall Street Journal, occurred last fall. Brin, Elon Musk's longtime friend, reportedly filed for divorce following the affair. Here's what we know so far  — and check out everything we know about Nicole Shanahan, who had the alleged affair with Musk. 3. Andreessen Horowitz is going virtual. The venture capital firm has announced a shift to "the cloud," wherein they'll be primarily virtual, but will maintain physical locations in tech hubs nationwide. A look at what A16z's move beyond Silicon Valley means.4. Now might be the best time yet to buy a used Peloton bike. Some pandemic-era Peloton fans are moving on from their bikes, turning to Craigslist and Facebook Marketplace to resell the equipment at heavily discounted prices. Why users are parting ways with their Pelotons.5. These are the most important VCs in New York. Based on recommendations and investment data, Insider compiled a list of the city's top VCs, from firms like Stellation Capital and Female Founders Fund. Meet the 59 most important investors in the Big Apple.6. Companies including Amazon and Apple have the biggest pay gap between CEOs and workers. According to a new report, the pay disparity between S&P 500 CEOs and their workers grew even larger in 2021, with Amazon holding the biggest pay ratio by far. See the full list of companies with the biggest pay gaps.7. This was supposed to be the year of social shopping. It hasn't been. Industry insiders predicted 2022 would be the year of social shopping, with social media platforms launching new shopping features — but they've had mixed results. Here's what platforms have done to woo influencers and brands.8. Bill Gates gave away shares worth $6 billion this week — but is still the world's fifth-richest person. The donation to the Bill & Melinda Gates Foundation comes a week after Gates promised to give $20 billion to the foundation this month. Here's the latest.Odds and ends:Steve Jobs.David Paul Morris / Stringer9. Steve Jobs' prototype for the original Apple computer is up for auction. The prototype for the original Apple-1 computer was used to secure Apple's first major order — and bidding has already hit nearly $230,000. Check it out here.10. We got an early glimpse of the electric Cadillac Celestiq. The Celestiq, an ultra-luxurious electric car, is rumored to cost $300,000 and up once it goes on sale. Get an inside look at the high-tech EV.What we're watching today:Code on the Beach is happening through July 27 in Atlantic Beach, Florida.Brookings Institution is hosting a discussion on the future of crypto regulation at 2 p.m. ET.Keep updated with the latest tech news throughout your day by checking out The Refresh from Insider, a dynamic audio news brief from the Insider newsroom. Listen here.Curated by Jordan Parker Erb in New York. (Feedback or tips? Email jerb@insider.com or tweet @jordanparkererb.) Edited by Hallam Bullock (tweet @hallam_bullock) in London.Read the original article on Business Insider.....»»

Category: personnelSource: nytJul 25th, 2022

No fingerprints: How Donald Trump kept his hands clean at the Trump Organization

Donald Trump ran a multi-billion-dollar business on phone calls and now-vanished Post-it Notes. No wonder NY officials are having a devilish time linking him to wrongdoing. Joe Raedle/Getty Images; iStock; Rebecca Zisser/Insider Donald Trump shunned computers, emails, and texts as he ran his hotel and golf resort empire. Instead, he penned directives in Sharpie, often on soon-discarded Post-it Notes. NY Attorney General Letitia James has sought these Trump business documents for two years — with limited success. On Donald Trump's desk, high above Manhattan's Fifth Avenue, a pair of burgundy-colored letter trays sit side by side.The left tray, if one is facing the desk, is the inbox; the outbox is always on the right. All day long for decades, a cadre of typically young, female assistants dropped manila folders into the inbox. And they carried away the manila folders from the outbox.The folders held hard copy paperwork — contract and appraisal drafts, spreadsheets, printouts of emails and news stories, checks in need of signing — the life-blood of the Trump Organization, all flowing in and out of the ventricles of those burgundy boxes."I didn't think it was my position to look inside" those folders, Trump's longtime executive assistant, Rhona Graff, told investigators with the New York attorney general's office last month, describing the inbox-outbox system while testifying that her boss had no business-document retention policy in the decades before trading his Trump Tower desk for the Oval Office Resolute Desk in 2017.AG Letitia James, now winding up a three-year probe of the Trump Organization, would very much have liked to look inside those folders.She knows how vital hard copy documents are, given that the computer-averse Trump ran his multi-billion-dollar company as if in the mid-20th century, shunning email and text chains, and relying instead on spoken and handwritten directives. New York Attorney General Letitia James speaks during a ceremony where Gov. Kathy Hochul signed a package of bills to strengthen gun laws, Monday, June 6, 2022, in New York.Mary Altaffer/APBut out of some 900,000 documents totaling 6 million pages now turned over to her probe by the Trump Organization, only ten — about 500 pages worth — bear Trump's Sharpie-scrawled handwriting, her lawyers have complained in court documents and hearings over the past 2 years.Upon leaving the box on the right, any handwritten directives once inside those folders appear to have largely vanished.And at least some of the handwritten, Trump directives that have been turned over to the AG are hardly smoking guns. A few appended to a recent court filing included Trump's terse, Sharpie markups of pictures of his properties and favorite golfers."Great," Trump wrote on a series of old news photos of golf stars Arnold Palmer and Gary Player.  Marked "HIGHLY CONFIDENTIAL," this 1962 Associated Press photo of golf great Gary Player is one of the few documents bearing Donald Trump's handwriting turned over to the New York Attorney General's probe of the Trump Organization.NY Attorney General's Office"HIGHLY CONFIDENTIAL," they read.A former Trump Organization employee suggested that any more weighty documents bearing Trump's handwritten directives are unlikely to have survived."Is there a document retention policy on those documents?" the employee said, speaking to Insider on condition of anonymity."The answer is no. In most cases you either threw it in the garbage or you threw it in the shredder."A stickies situation Notably missing from the AG's assembled evidence are the leaf-pile's worth of Post-it Notes that Trump's top corporate lawyer, Alan Garten, has told probers his boss routinely stuck on documents when giving written orders."To my knowledge, we haven't seen any documents that have Post-its on them," Andrew Amer, a lawyer for the AG's office, said during a May court hearing."That's one of the odd things about the [document] production to date," he said."And quite frankly, we're still waiting."At the same hearing, Trump attorney Alina Habba repeated, with evident frustration, that every Trump Organization document the AG has demanded has been turned over. There is simply nothing more to give.Donald Trump at his desk in Trump Tower in Manhattan, NY, in 2012. Visible on the desk are his outbox and his stacks of yellow Post-it Notes.Jennifer S. Altman/For The Washington Post via Getty ImagesAny evidentiary stickies would have been scanned and submitted in compliance with the AG's many subpoenas, Habba added.But she also pointed out, quite reasonably, that Post-its are, by design, transitory. "I write notes to my assistants, I write notes to [law partner] Michael [Madaio], and I can assure you," she said, "these are not going anywhere but in the round receptacle." Habba declined to comment on this story, as did the AG's office.The Manhattan judge presiding over the AG's probe, New York Supreme Court Arthur Engoron, is expected to rule soon on whether a costly, $10,000-a-day contempt-of-court order — Trump's penalty for failing to fully comply with James' subpoenas for his personal business documents — will be lifted.So far, the contempt order has cost Trump $110,000 in fines, which the AG is holding in escrow pending Trump's appeal of the order. The cost to Trump could rise past $300,000 in the unlikely case of the judge retroactively re-instating the daily fine."I understand we have a slight difference of opinion," the judge told Habba at the most recent hearing on the matter, during which Habba again stressed that Trump has no more paperwork to turn over."I just think the opinion is a lot based on who my client is," Habba responded. "And that's concerning to me."The prints were 'wiped'As a Manhattan prosecutor, attorney John Moscow handled complicated white-collar criminal investigations. He's been following the public court filings in the AG's probe, and believes the lack of Trump documents is remarkable — and intentional.Why else, Moscow asks, would a CEO run a multi-billion-dollar company on spoken commands and apparently long-vanished scraps and jottings, without creating a traceable, electronic record of his orders and decisions?"The key takeaway from this is, he did business as if planning to defeat an investigation," said Moscow, now a defense attorney with Lewis Baach Kaufmann Middlemiss. "You would expect to see fingerprints," given that Trump was by most accounts a hands-on CEO, Moscow said."If there are none — and there are nearly none — that is evidence of a policy of wiping the fingerprints." Something big from the AGEven without the contents of that outbox — and despite zero apparent incriminating cooperation from his C-suite — James is moving forward, and appears to be on the brink of filing something big.She has alleged in court papers that Trump repeatedly fudged the values of his properties on financial statements, loan applications, tax submissions and other official documents, many bearing Trump's signature or that of his son, Eric Trump, who, as an executive vice president, signed the company's Statements of Financial Condition post-2017.Trump continues to be the sole beneficiary of the Trump Organization, the AG says, alleging that this high-balling and low-balling of its properties' worth has earned him hundreds of millions of dollars in ill-gotten loans and tax breaks over the years.James' upcoming lawsuit against the New York-based company may seek to put it out of business entirely, and could well drop this summer, after Donald Trump, Ivanka Trump and Donald Trump, Jr., submit to questioning by probers in court-mandated, sworn depositions scheduled for mid-July.Trump's lawyers have steadfastly denied wrongdoing; Trump himself has called the probe a politically motivated and "racist" witch hunt. Part of a 'fraud mosaic'"There's no New York law that says you have to keep your documents in general," said Diana Florence, another former Manhattan prosecutor who handled major financial fraud cases."Many closely held family corporations will not have the same document-retention policies as a Fortune 500 company," she told Insider."But what we have here is a company where the CEO was able to communicate exactly what he wanted without leaving a permanent record of it," noted Florence, a former Democratic candidate for Manhattan DA now in private practice."It's very 20th Century," she added. "Everyone does everything electronically now."The AG won't find "an employee handbook saying destroy all Post-it notes," Florence joked.Still, the lack of these notes, and of Trump's handwritten documents in general, suggests a pattern, tiles in a "fraud mosaic" that the AG pieces together to an eventual jury, she said.The AG, too, has suggested that the lack of Trump documents may come back to haunt him.AG attorney Kevin Wallace's voice turned ominous when Habba insisted during an April hearing — and for the umpteenth time — that "there's really nothing left in his custody" for Trump to turn over."I'll be frank," Wallace warned. "If that's all there is ... it raises a bunch of other issues." Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJun 19th, 2022

Zelenskyy spoke at a Ukraine benefit auction organised by Sean Penn, where someone paid $1 million for a private John Legend concert

Zelenskyy, a former actor, spoke to a wealthy Hollywood crowd at the Sean Penn-organized event — where John Legend played a Bob Marley song. President Volodymyr Zelenskyy in a pre-recorded video address to supporters of CORE, Sean Penn's relief charity, on Friday June 10, 2022.President of Ukraine's office Zelenskyy addressed a wealthy Hollywood crowd at a Sean Penn-organized Ukraine fundraiser on Friday. The auction saw someone pay out $1 million for a private performance from John Legend. Zelenskyy drew on his past as an actor, emphasizing to the crowd that the war is far from fiction. President Volodymyr Zelenskyy gave a speech at a Sean Penn-organized benefit night for Ukraine, which included a million-dollar auction bid on a private John Legend performance. Speaking via a pre-recorded video speech, Zelenskyy told the supporters of Penn's CORE charity of the "peaceful cities and villages wiped off the face of the earth" in Ukraine. He described how Russian forces had destroyed "schools, hospitals, theaters, museums, entire streets and neighborhoods." A video montage played, showing devastation in Ukraine as well as more optimistic scenes."All of this is not the scenery of a blockbuster about the apocalypse," he told the audience at the Hollywood Palladium, who, per Variety, were largely wealthy media figures. "All of this is our reality."A video uploaded by Zelenskyy's office shows the speech intercut with audience reactions:Continuing the Hollywood theme, Zelenskyy — a former TV and film actor — described how US stars accepted plaster Oscars during World War II, rather than metal ones, to address the wartime metal shortages. "It can fairly be said that this is a symbolic gesture that does not drastically affect the course of the war," he said."But we cannot claim that the world would have defeated Nazism without a piece of metal. No. We do not know for sure. That is why we know that any help is valuable and important."Sean Penn speaking at a CORE fundraiser for Ukraine on Friday, June 10, 2022President of Ukraine's officeFormer President Bill Clinton, Sharon Stone, and Los Angeles Mayor Eric Garcetti were among attendees at the dinner event, which also featured a performance by John Legend, Variety reported. Legend played Bob Marley's "Redemption Song" on piano, according to the outlet. It is unclear how much was raised in the auction, but one bidder managed to spend $1 million on a private home performance from Legend, per Variety. Penn founded CORE, or Community Organized Relief Effort, in 2010 as part of an effort to bring relief following Haiti's earthquake.According to CORE's website, the organization has had relief workers in Poland and Ukraine to aid Ukrainian refugees since the war broke out."CORE's efforts will continue to adapt to support refugees and those in need who remain inside Ukraine as their needs evolve throughout the humanitarian crisis," said a statement on the organization's website.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJun 14th, 2022

S&P Futures Jump Above 4,000 As Fed Fears Fade

S&P Futures Jump Above 4,000 As Fed Fears Fade After yesterday's post-FOMC ramp which sent stocks higher after the Fed's Minutes were less hawkish than feared and also hinted at a timeline for the Fed's upcoming pause (and easing), US index futures initially swung between gains and losses on Thursday as investors weighed the "good news" from the Fed against downbeat remarks on the Chinese economy from premier Li who warned that China would struggle to post a positive GDP print this quarter coupled with Apple’s conservative outlook. Eventually, however, bullish sentiment prevailed and even with Tech stocks underperforming following yesterday's disappointing earnings from Nvidia, e-mini futures rose to session highs as of 715am, and traded up 0.6% above 4,000 for the first time since May 18, while Nasdaq 100 futures were up 0.2% after earlier dropping as much as 0.8%. The tech-heavy index is down 27% this year. Treasury yields and the dollar slipped. Fed policy makers indicated their aggressive set of moves could leave them with flexibility to shift gears later if needed. Investors took some comfort from the Fed minutes that didn’t show an even more aggressive path being mapped to tackle elevated prices, though central banks remain steadfast in their resolve to douse inflation. Still, volatility has spiked as the risk of a US recession, the impact from China’s lockdowns and the war in Ukraine simmer. While the Fed minutes “provided investors with a temporary relief, today’s mixed price action on stocks mostly shows that major bearish leverages linger,” said Pierre Veyret, a technical analyst at ActivTrades in London. “The war in eastern Europe and concerns about the Chinese economy still add stress to market sentiment,” he wrote in a report. “Investors will want to see evidence of improvements regarding the pressure coming from rising prices.” “We expect key market drivers to continue to be centered around inflation and how central banks react; global growth concerns and how China gets to grip with its zero-Covid policy; and the geopolitical conflict between Russia and Ukraine,” said Fraser Lundie, head of fixed income for public markets at Federated Hermes Limited. “Positive news flow on any of these market drivers could sharply improve risk sentiment; however, there is a broad range of scenarios that could play out in the meantime.” In premarket trading, shares in Apple dropped 1.4% after a report said that the tech giant is planning to keep iPhone production flat in 2022, disappointing expectations for a ~10% increase. The company also said it was raising salaries in the US by 10% or more as it faces a tight labor market and unionization efforts. In other premarket moves, Nvidia dropped 5.3% as the biggest US chipmaker by market value gave a disappointing sales forecast. Software company Snowflake slumped 14%, while meme stock GameStop Corp. fell 2.9%. Among gainers, Twitter Inc. jumped 5.2% after billionaire Elon Musk dropped plans to partially fund his purchase of the company with a margin loan tied to his Tesla stake and increased the size of the deal’s equity component to $33.5 billion. Other notable premarket movers include: Shares of Alibaba and Baidu rise following results, sending other US-listed Chinese stocks higher in US premarket trading. Alibaba shares shot up as much as 4.5% after reporting fourth- quarter revenue and earnings that beat analyst expectations. Lululemon’s (LULU US) stock gains 2.4% in premarket trading as Morgan Stanley raised its recommendation to overweight, suggesting that the business can be more resilient through headwinds than what the market is expecting. Macy’s (M US) shares gain 15% in premarket trading after Co. increases its adjusted earnings per share guidance for the full fiscal year Williams-Sonoma (WSM US) shares jumped as much as 9.6% in premarket trading after 1Q sales beat estimates. The retailer was helped by its exposure to more affluent customers, but analysts cautioned that it may be difficult to maintain the sales momentum amid macroeconomic challenges. Nutanix (NTNX US) shares shed about a third of their value in US premarket trading as analysts slashed their price targets on the cloud platform provider after its forecast disappointed. US airline stocks rise in premarket trading on Thursday, after Southwest and JetBlue provided upbeat outlooks for the second-quarter. LUV up 1.5% premarket, after raising its second-quarter operating revenue growth forecast. JBLU up 2% after saying it expects second-quarter revenue at or above high end of previous guidance. Cryptocurrency-tied stocks fall in premarket trading as Bitcoin snaps two days of gains. Coinbase -2.6%; Marathon Digital -2.3%; Riot Blockchain -1.2%. Bitcoin drops 1.9% at 6:11 am in New York, trading at $29,209.88. It’s time to buy the dip in stocks after a steep global selloff in equity markets, according to Citi strategists. Meanwhile, Fidelity International Chief Executive Officer Anne Richards said the risk of a recession has increased and markets are likely to remain volatile, the latest dire warning on the outlook at the World Economic Forum. “If inflation gets tame enough over summer, there may not be continued raising of rates,” Carol Pepper, Pepper International chief executive officer, said on Bloomberg TV, adding that investors should look to buy tech stocks after the selloff. “Stagflation, I just don’t think that’s going to happen anymore. I think we are going to be in a situation where inflation will start tapering down and then we will start going into a more normalized market.” In Europe, the Stoxx Europe 600 Index rose 0.3%, pare some of their earlier gains but remain in the green, led by gains for retail, consumer and energy stocks. IBEX outperforms, adding 0.6%, FTSE MIB is flat but underperforms peers. Retailers, energy and consumer products are the strongest-performing sectors, with energy shares outperforming for the second day as oil climbed amid data that showed a further decrease in US crude and gasoline stockpiles. Here are the most notable European movers: Auto Trader rises as much as 3.5% after its full-year results beat consensus expectations on both top- and bottom-lines. Galp climbs as much as 4.1% as RBC upgrades to outperform, saying the stock might catch up with the rest of the sector after “materially” underperforming peers in recent years. Rightmove rises as much as 1.5% after Shore upgrades to hold from sell, saying the stock has reached an “appropriate” level following a 27% decline this year. FirstGroup soars as much as 16% after the bus and train operator said it received a takeover approach from I Squared Capital Advisors and is currently evaluating the offer. United Utilities declines as much as 8.9% as company reports a fall in adjusted pretax profit. Jefferies says full-year guidance implies a materially-below consensus adjusted net income view. Johnson Matthey falls as much as 7.5% after the company reported results and said it expects operating performance in the current fiscal year to be in the lower half of the consensus range. BT drops as much as 5.7% after the telecom operator said the UK will review French telecom tycoon Patrick Drahi’s increased stake in the company under the National Security and Investment Act. JD Sports drops as much as 12% as the departure of Peter Cowgill as executive chairman is disappointing, according to Shore Capital. Earlier in the session, Asian stocks were mixed as traders assessed China’s emergency meeting on the economy and Federal Reserve minutes that struck a less hawkish note than markets had expected.  The MSCI Asia Pacific Index was little changed after fluctuating between gains and losses of about 0.6% as technology stocks slid. South Korean stocks dipped after the central bank raised interest rates by 25 basis points as expected. Chinese shares eked out a small advance after a nationwide emergency meeting on Wednesday offered little in terms of additional stimulus. The benchmark CSI 300 Index headed for a weekly drop of more than 2%, despite authorities’ vows to support an economy hit by Covid-19 lockdowns. Investors took some comfort from Fed minutes in which policy makers indicated their aggressive set of moves could leave them with flexibility to shift gears later if needed. Still, Asia’s benchmark headed for a weekly loss amid concerns over China’s lockdowns and the possibility of a US recession. “The coming months are ripe for a re-pricing of assets across the board with a further shake-down in risk assets as term and credit premia start to feature prominently,” Vishnu Varathan, the head of economics and strategy at Mizuho Bank, wrote in a research note.  Japanese stocks closed mixed after minutes from the Federal Reserve’s latest policy meeting reassured investors while Premier Li Keqiang made downbeat comments on China’s economy. The Topix rose 0.1% to close at 1,877.58, while the Nikkei declined 0.3% to 26,604.84. Toyota Motor Corp. contributed the most to the Topix gain, increasing 1.9%. Out of 2,171 shares in the index, 1,171 rose and 898 fell, while 102 were unchanged. In Australia, the S&P/ASX 200 index fell 0.7% to close at 7,105.90 as all sectors tumbled except for technology. Miners contributed the most to the benchmark’s decline. Whitehaven slumped after peer New Hope cut its coal output targets. Appen soared after confirming a takeover approach from Telus and said it’s in talks to improve the terms of the proposal. Appen shares were placed in a trading halt later in the session. In New Zealand, the S&P/NZX 50 index fell 0.6% to 11,102.84. India’s key stock indexes snapped three sessions of decline to post their first advance this week on recovery in banking and metals shares. The S&P BSE Sensex rose 0.9% to 54,252.53 in Mumbai, while the NSE Nifty 50 Index advanced by a similar measure. Both benchmarks posted their biggest single-day gain since May 20 as monthly derivative contracts expired today. All but one of the 19 sector sub-indexes compiled by BSE Ltd. gained.  HDFC Bank and ICICI Bank provided the biggest boosts to the two indexes, rising 3% and 2.2%, respectively. Of the 30 shares in the Sensex, 24 rose and 6 fell. As the quarterly earnings season winds up, among the 45 Nifty companies that have so far reported results, 18 have trailed estimates and 27 met or exceeded expectations. Aluminum firm Hindalco Industries is scheduled to post its numbers later today. In FX, the Bloomberg Dollar fell 0.3%, edging back toward the lowest level since April 26 touched Tuesday. The yen jumped to an intraday high after the head of the Bank of Japan said policymakers could manage an exit from their decades-long monetary policy, and that U.S. rate rises would not necessarily keep the yen weak. Commodity currencies including the Australian dollar fell as China’s Premier Li Keqiang offered a bleak outlook on domestic growth. The Chinese economy is in some respects faring worse than in 2020 when the pandemic started, he said. Central banks were busy overnight: Russia’s central bank delivered its third interest-rate reduction in just over a month and said borrowing costs can fall further still, as it looks to stem a rally in the ruble and unwinds the financial defenses in place since the invasion of Ukraine. The Bank of Korea raised its key interest rate on Thursday as newly installed Governor Rhee Chang-yong demonstrated his intention to tackle inflation at his first policy meeting since taking the helm. New Zealand’s central bank has also shown its commitment this week to combat surging prices. In rates, Treasuries bull-steepen amid similar price action in bunds and many other European markets and gains for US equity index futures. Yields richer by ~3bp across front-end of the curve, steepening 2s10 by ~2bp, 5s30s by ~3bp; 10-year yields rose 2bps to 2.76%, keeps pace with bund while outperforming gilts. 2- and 5-year yields reached lowest levels in more than a month, remain below 50-DMAs. US auction cycle concludes with 7-year note sale, while economic data includes 1Q GDP revision. Bund, Treasury and gilt curves all bull-steepen. Peripheral spreads tighten to Germany with 10y BTP/Bund narrowing 5.1bps to 194.6bps. The US weekly auction calendar ends with a $42BN 7-year auction today which follows 2- and 5-year sales that produced mixed demand metrics, however both have richened from auction levels. WI 7-year yield at ~2.735% is ~17bp richer than April’s, which tailed by 1.7bp. IG dollar issuance slate includes Bank of Nova Scotia 3Y covered SOFR; issuance so far this week remains short of $20b forecast, is expected to remain subdued until after US Memorial Day. In commodities,  WTI trades within Wednesday’s range, adding 0.6% to around $111. Spot gold falls roughly $7 to trade around $1,846/oz. Cryptocurrencies decline, Bitcoin drops 2.5% to below $29,000.  Looking at the day ahead now, and data releases from the US include the second estimate of Q1 GDP, the weekly initial jobless claims, pending home sales for April, and the Kansas City Fed’s manufacturing index for May. Meanwhile in Italy, there’s the consumer confidence index for May. From central banks, we’ll hear from Fed Vice Chair Brainard, the ECB’s Centeno and de Cos, and also get decisions from the Central Bank of Russia and the Central Bank of Turkey. Finally, earnings releases include Costco and Royal Bank of Canada. Market Snapshot S&P 500 futures little changed at 3,974.25 STOXX Europe 600 up 0.2% to 435.16 MXAP little changed at 163.17 MXAPJ down 0.3% to 529.83 Nikkei down 0.3% to 26,604.84 Topix little changed at 1,877.58 Hang Seng Index down 0.3% to 20,116.20 Shanghai Composite up 0.5% to 3,123.11 Sensex up 0.4% to 53,975.57 Australia S&P/ASX 200 down 0.7% to 7,105.88 Kospi down 0.2% to 2,612.45 German 10Y yield little changed at 0.90% Euro little changed at $1.0679 Brent Futures up 0.5% to $114.55/bbl Gold spot down 0.3% to $1,847.94 U.S. Dollar Index little changed at 102.11 Top Overnight News from Bloomberg Federal Reserve officials agreed at their gathering this month that they need to raise interest rates in half-point steps at their next two meetings, continuing an aggressive set of moves that would leave them with flexibility to shift gears later if needed. Russia’s central bank delivered its third interest-rate reduction in just over a month and said borrowing costs can fall further still, halting a rally in the ruble as it unwinds the financial defenses in place since the invasion of Ukraine. China’s trade-weighted yuan fell below 100 for the first time in seven months as Premier Li Keqiang’s bearish comments added to concerns that the economy may miss its growth target by a wide margin this year. Bank of Japan Governor Haruhiko Kuroda said interest rate increases by the Federal Reserve won’t necessarily cause the yen to weaken, saying various factors affect the currency market. A more detailed breakdown of global markets courtesy of Newsquawk Asia-Pac stocks were indecisive as risk appetite waned despite the positive handover from Wall St where the major indices extended on gains post-FOMC minutes after the risk event passed and contained no hawkish surprises. ASX 200 failed to hold on to opening gains as weakness in mining names, consumer stocks and defensives overshadowed the advances in tech and financials, while capex data was mixed with the headline private capital expenditure at a surprise contraction for Q1. Nikkei 225 faded early gains but downside was stemmed with Japan set to reopen to tourists on June 6th. Hang Seng and Shanghai Comp were mixed with early pressure after Premier Li warned the economy was worse in some aspects than in 2020 when the pandemic began, although he stated that China will unveil detailed implementation rules for a pro-growth policy package before the end of the month, while the PBoC issued a notice to promote credit lending to small firms and the MoF announced cash subsidies to Chinese airlines. Top Asian News PBoC issued a notice to promote credit lending to small firms and is to boost financial institutions' confidence to lend to small firms, according to Reuters. BoK raised its base rate by 25bps to 1.75%, as expected, via unanimous decision. BoK raised its 2022 inflation forecast to 4.5% from 3.1% and raised its 2023 forecast to 2.9% from 2.0%, while it sees GDP growth of 2.7% this year and 2.4% next year. BoK said consumer price inflation is to remain high in the 5% range for some time and sees it as warranted to conduct monetary policy with more focus on inflation, according to Reuters. Morgan Stanley has lowered China's 2022 GDP estimate to 3.2% from 4.2%. CSPC Drops After Earnings, Covid Impact to Weigh: Street Wrap China Builder Greenland’s Near-Term Bonds Set for Record Drops Debt Is Top Priority for Diokno as New Philippine Finance Chief European bourses are firmer across the board, Euro Stoxx 50 +0.7%, but remain within initial ranges in what has been a relatively contained session with much of northern-Europe away. Stateside, US futures are relatively contained, ES +0.2%, with newsflow thin and on familiar themes following yesterday's minutes and before PCE on Friday.  Apple (AAPL) is reportedly planning on having a 220mln (exp. ~240mln) iPhone production target for 2022, via Bloomberg. -1.4% in  the pre-market. Baidu Inc (BIDU) Q1 2022 (CNY): non-GAAP EPS 11.22 (exp. 5.39), Revenue 28.4bln (exp. 27.82bln). +4.5% in the pre-market. UK CMA is assessing whether Google's (GOOG) practises in parts of advertisement technology may distort competition. Top European News UK Chancellor Sunak's package today is likely to top GBP 30bln, according to sources via The Times; Chancellor will confirm that the package will be funded in part by windfall tax on oil & gas firms likely to come into effect in the autumn. Subsequently, UK Gov't sources are downplaying the idea that the overall support package is worth GBP 30bln, via Times' Swinford; told it is a very big intervention. UK car production declined 11.3% Y/Y to 60,554 units in April, according to the SMMT. British Bus Firm FirstGroup Gets Takeover Bid from I Squared Citi Strategists Say Buy the Dip in Stocks on ‘Healthy’ Returns The Reasons to Worry Just Keep Piling Up for Davos Executives UK Unveils Plan to Boost Aviation Industry, Passenger Rights Pakistan Mulls Gas Import Deal With Countries Including Russia FX Dollar drifts post FOMC minutes that reaffirm guidance for 50bp hikes in June and July, but nothing more aggressive, DXY slips into lower range around 102.00 vs 102.450 midweek peak. Yen outperforms after BoJ Governor Kuroda outlines exit strategy via a combination of tightening and balance sheet reduction, when the time comes; USD/JPY closer to 126.50 than 127.50 where 1.13bln option expiries start and end at 127.60. Rest of G10, bar Swedish Crown rangebound ahead of US data, with Loonie looking for independent direction via Canadian retail sales, USD/CAD inside 1.2850-00; Cable surpassing 1.2600 following reports that the cost of living package from UK Chancellor Sunak could top GBP 30bln. Lira hits new YTD low before CBRT and Rouble weaker following top end of range 300bp cut from CBR. Yuan halts retreat from recovery peaks ahead of key technical level, 6.7800 for USD/CNH. Fixed Income Debt wanes after early rebound on Ascension Day lifted Bunds beyond technical resistance levels to 154.74 vs 153.57 low. Gilts fall from grace between 119.17-118.19 parameters amidst concerns that a large UK cost of living support package could leave funding shortfall. US Treasuries remain firm, but off peaks for the 10 year T-note at 120-31 ahead of GDP, IJC, Pending Home Sales and 7 year supply. Commodities Crude benchmarks inch higher in relatively quiet newsflow as familiar themes dominate; though reports that EU officials are considering splitting the oil embargo has drawn attention. Currently WTI and Brent lie in proximity to USD 111/bbl and USD 115/bbl respectively; within USD 1.50/bbl ranges. Russian Deputy PM Novak expects 2022 oil output 480-500mln/T (prev. 524mln/T YY), via Ria. Spot gold is similarly contained around the USD 1850/oz mark, though its parameters are modestly more pronounced at circa. USD 13/oz Central Banks CBR (May, Emergency Meeting): Key Rate 11.00% (exp. ~11.00/12.00%, prev. 14.00%); holds open the prospect of further reductions at upcoming meetings. BoJ's Kuroda says, when exiting easy policy, they will likely combine rate hike and balance sheet reduction through specific means, timing to be dependent on developments at that point; FOMC rate hike may not necessarily result in a weaker JPY or outflows of funds from Japan if it affects US stock prices, via Reuters. US Event Calendar 08:30: 1Q PCE Core QoQ, est. 5.2%, prior 5.2% 08:30: 1Q Personal Consumption, est. 2.8%, prior 2.7% 08:30: May Continuing Claims, est. 1.31m, prior 1.32m 08:30: 1Q GDP Price Index, est. 8.0%, prior 8.0% 08:30: May Initial Jobless Claims, est. 215,000, prior 218,000 08:30: 1Q GDP Annualized QoQ, est. -1.3%, prior -1.4% 10:00: April Pending Home Sales YoY, est. -8.0%, prior -8.9% 10:00: April Pending Home Sales (MoM), est. -2.0%, prior -1.2% 11:00: May Kansas City Fed Manf. Activity, est. 18, prior 25 DB's Jim Reid concludes the overnight wrap A reminder that our latest monthly survey is now live, where we try to ask questions that aren’t easy to derive from market pricing. This time we ask if you think the Fed would be willing to push the economy into recession in order to get inflation back to target. We also ask whether you think there are still bubbles in markets and whether equities have bottomed out yet. And there’s another on which is the best asset class to hedge against inflation. The more people that fill it in the more useful so all help from readers is very welcome. The link is here. For markets it’s been a relatively quiet session over the last 24 hours compared to the recent bout of cross-asset volatility. The main event was the release of the May FOMC minutes, which had the potential to upend that calm given the amount of policy parameters currently being debated by the Fed. But in reality they came and went without much fanfare, and failed to inject much life into afternoon markets or the debate around the near-term path of policy. As far as what they did say, they confirmed the line from the meeting itself that the FOMC is ready to move the policy to a neutral position to fight the current inflationary scourge, with agreement that 50bp hikes were appropriate at the next couple of meetings. That rapid move to neutral would leave the Fed well-positioned to judge the outlook and appropriate next steps for policy by the end of the year, and markets were relieved by the lack of further hawkishness, with the S&P 500 extending its modest gains following the release to end the day up +0.95%. As the Chair said at the meeting, and has been echoed by other Fed officials since, the minutes noted that the hawkish shift in Fed communications have already had a noticeable effect on financial conditions, with Fed staff pointing out that “conditions had tightened by historically large amounts since the beginning of the year.” Meanwhile on QT, which the Fed outlined their plans for at the May meeting, the minutes expressed some trepidation about market liquidity and potential “unanticipated effects on financial market conditions” as a result, but did not offer potential remedies. With the minutes not living up to hawkish fears alongside growing concerns about a potential recession, investors continued to dial back the likelihood of more aggressive tightening, with Fed funds futures moving the rate priced in by the December meeting to 2.64%, which is the lowest in nearly a month and down from its peak of 2.88% on May 3. So we’ve taken out nearly a full 25bp hike by now, which is the biggest reversal in monetary policy expectations this year since Russia’s invasion of Ukraine began. That decline came ahead of the minutes and also saw markets pare back the chances of two consecutive +50bp hikes, with the amount of hikes priced over the next two meetings falling under 100bps for only the second time since the May FOMC. Yields on 10yr Treasuries held fairly steady, only coming down -0.5bps to 2.745%. Ahead of the Fed minutes, markets had already been on track to record a steady performance, and the S&P 500 (+0.95%) extended its existing gains in the US afternoon. That now brings the index’s gains for the week as a whole to +1.98%, so leaving it on track to end a run of 7 consecutive weekly declines, assuming it can hold onto that over the next 48 hours, and futures this morning are only down -0.13%. That said, we’ve seen plenty of volatility in recent weeks, and after 3 days so far this is the first week in over two months where the S&P hasn’t seen a fall of more than -1% in a single session, so let’s see what today and tomorrow bring. In terms of the specific moves yesterday, it was a fairly broad advance, but consumer discretionary stocks (+2.78%) and other cyclical industries led the way, with defensives instead seeing a much more muted performance. Tech stocks outperformed, and the NASDAQ (+1.51%) came off its 18-month low, as did the FANG+ index (+1.99%). Over in Europe, equities also recorded a decent advance, with the STOXX 600 gaining +0.63%, whilst bonds continued to rally as well, with yields on 10yr bunds (-1.5bps) OATs (-1.5bps) and BTPs (-2.7bps) all moving lower. These gains for sovereign bonds have come as investors have grown increasingly relaxed about inflation in recent weeks, with the 10yr German breakeven falling a further -4.2bps to 2.23% yesterday, its lowest level since early March and down from a peak of 2.98% at the start of May. Bear in mind that the speed of the decline in the German 10yr breakeven over the last 3-4 weeks has been faster than that seen during the initial wave of the Covid pandemic, so a big shift in inflation expectations for the decade ahead in a short space of time that’s reversed the bulk of the move higher following Russia’s invasion of Ukraine. Nor is that simply concentrated over the next few years, since the 5y5y forward inflation swaps for the Euro Area looking at inflation over the five years starting in five years’ time has come down from aa peak of 2.49% earlier this month to 2.07% by the close last night, so almost back to the ECB’s target. To be fair there’s been a similar move lower in US breakevens too, and this morning the 10yr US breakeven is down to a 3-month low of 2.56%. That decline in inflation expectations has come as investors have ratcheted up their expectations about future ECB tightening. Yesterday, the amount of tightening priced in by the July meeting ticked up a further +0.2bps to 32.7bps, its highest to date, and implying some chance that they’ll move by more than just 25bps. We heard from a number of additional speakers too over the last 24 hours, including Vice President de Guindos who said in a Bloomberg interview that the schedule for rate hikes outlined by President Lagarde was “very sensible”, and that the question of larger hikes would “depend on the outlook”. Overnight in Asia, equities are fluctuating this morning after China’s Premier Li Keqiang struck a downbeat note on the economy yesterday. Indeed, he said that the difficulties facing the Chinese economy “to a certain extent are greater than when the epidemic hit us severely in 2020”. As a reminder, our own economist’s forecasts for GDP growth this year are at +3.3%, which if realised would be the slowest in 46 years apart from 2020 when Covid first took off. Against that backdrop, there’s been a fairly muted performance, and whilst the Shanghai Composite (+0.65%) and the CSI 300 (+0.60%) have pared back initial losses to move higher on the day, the Hang Seng (-0.13%) has lost ground and the Nikkei (+0.07%) is only just in positive territory. We’ve also seen the Kospi (-0.08%) give up its initial gains overnight after the Bank of Korea moved to hike interest rates once again, with a 25bp rise in their policy rate to 1.75%, in line with expectations. That came as they raised their inflation forecasts, now expecting CPI this year at 4.5%, up from 3.1% previously. At the same time they also slashed their growth forecast to 2.7%, down from 3.0% previously. There wasn’t much in the way of data yesterday, though we did get the preliminary reading for US durable goods orders in April. They grew by +0.4% (vs. +0.6% expected), although the previous month was revised down to +0.6% (vs. +1.1% previously). Core capital goods orders were also up +0.3% (vs. +0.5% expected). To the day ahead now, and data releases from the US include the second estimate of Q1 GDP, the weekly initial jobless claims, pending home sales for April, and the Kansas City Fed’s manufacturing index for May. Meanwhile in Italy, there’s the consumer confidence index for May. From central banks, we’ll hear from Fed Vice Chair Brainard, the ECB’s Centeno and de Cos, and also get decisions from the Central Bank of Russia and the Central Bank of Turkey. Finally, earnings releases include Costco and Royal Bank of Canada. Tyler Durden Thu, 05/26/2022 - 07:50.....»»

Category: dealsSource: nytMay 26th, 2022

Mercedes Sells World"s Most Expensive Car For $142 Million To Start ESG Fund

Mercedes Sells World's Most Expensive Car For $142 Million To Start ESG Fund Here are the highlights of Mercedes-Benz's record-breaking auction of the world's most expensive car.  *The 1955 Mercedes-Benz 300 SLR Uhlenhaut Coupé has been sold at auction for a record price of €135 million ($142 million) to a private collector *An icon of the automotive world, the car is one of just two prototypes built and named after its creator and chief engineer, Rudolf Uhlenhaut  *The car has been owned by Mercedes-Benz since its creation in 1955 and its selling price exceeds the previous record price for a car by more than €90,000,000 ($95 million) and places the car in the top 10 most valuable items ever sold at auction in any collecting category * * * Mercedes-Benz teamed up with auction house RM Sotheby's to sell one of the greatest treasures of motoring history, a 1955 Mercedes-Benz 300 SLR Uhlenhaut Coupé, one of only two produced and was never privately owned, locked away in a Mercedes vault for decades.  Sotheby's held the secret auction in Germany on May 5 and set the record for the most expensive car ever sold, blowing past 1950-60s Ferrari GTOs.  A press release by the auction house said the 300 SLR Uhlenhaut Coupé sold for three times the value of a Ferrari 250 GTO that sold at Monterey in 2018. It sold for a whopping €135 million ($142 million).  The sale of the 300 SLR Uhlenhaut Coupé took place on May 5 at an auction held at the Mercedes­Benz Museum in Stuttgart, with RM Sotheby's working in close cooperation with Mercedes-Benz throughout the entire process to ensure the sale was concluded to the highest possible standard. Among the invitees were selected Mercedes customers and international collectors of cars and art who share the corporate values of Mercedes-Benz. -- Sotheby's Mercedes is expected to set up an ESG fund with the proceeds of the sale.  The winning bid on the car was an incredible €135,000,000, making it the most valuable car ever sold and a price which exceeds the existing record by more the €90,000,000. In what felt like a surreal experience, the bidding opened at a price higher than the selling price of the 1962 Ferrari 250 GTO sold by RM Sotheby's in 2018, the car which previously ranked as the most valuable ever sold at auction. The 300 SLR now sits in the top ten most valuable items ever sold at auction. The proceeds will be used to establish a worldwide "Mercedes-Benz Fund" that will provide educational and research scholarships in the areas of environmental science and decarbonization for young people. -- Sotheby's Views of the private auction.  Don't confuse the SLR with the 300SL (only worth $7.5M even in alloy-body form). The other SLR violently crashed at the 1955 24 Hours of Le Mans, making the sports car super rare.  Marcus Breitschwerdt, Head of Mercedes-Benz Heritage, said the private buyer of the 300 SLR Uhlenhaut Coupé agreed to keep it on display at the Mercedes-Benz Museum in Stuttgart for public display on special occasions.  Who would've thought Mercedes would sell one of their most prized sports cars in history to start an ESG fund...  Tyler Durden Sun, 05/22/2022 - 08:45.....»»

Category: blogSource: zerohedgeMay 22nd, 2022

See the $142 million Mercedes that just became the most expensive car ever sold

The 1955 Mercedes-Benz 300 SLR Coupe that sold earlier this month is one of the most expensive items ever sold at auction. 1955 Mercedes-Benz 300 SLR Coupe.Kidston Motor Cars An ultra-rare Mercedes-Benz just sold for $142 million at an invite-only auction.  The 1955 race car is by far the most expensive car ever auctioned off.  It's also one of the most valuable items ever sold at auction, according to RM Sotheby's. An extremely rare, 67-year-old Mercedes-Benz just sold for a whopping $143 million, making it the most expensive car ever sold at auction.1955 Mercedes-Benz 300 SLR Coupe.RM Sotheby'sThe 1955 Mercedes-Benz 300 SLR Uhlenhaut Coupe is a prototype race car built for the 1956 season.1955 Mercedes-Benz 300 SLR Coupe.RM Sotheby'sIt obliterated the previous record for the priciest car ever auctioned off by around $95 million.1955 Mercedes-Benz 300 SLR Coupe.Kidston Motor CarsThe previous record holder was a 1962 Ferrari 250 GTO that sold for around $48 million in 2018, according to auction house RM Sotheby's, which was involved in both sales.1955 Mercedes-Benz 300 SLR Coupe.Kidston Motor CarsThe coupe also ranks in the top 10 most expensive items ever sold at auction, RM Sotheby's said.1955 Mercedes-Benz 300 SLR Coupe.Kidston Motor CarsMercedes-Benz sold the 300 SLR during an invite-only auction on May 5 at its museum in Stuttgart, Germany.1955 Mercedes-Benz 300 SLR Coupe.Kidston Motor CarsIt sold to classic-car dealer Simon Kidston, who placed the winning bid on behalf of an anonymous buyer.1955 Mercedes-Benz 300 SLR Coupe.Kidston Motor CarsIn part, the 300 SLR is so valuable because Mercedes built just two of them.1955 Mercedes-Benz 300 SLR Coupe.Kidston Motor CarsTo be fair, it's also gorgeous.1955 Mercedes-Benz 300 SLR Coupe.RM Sotheby'sThe coupe was never raced, and instead was used by Rudolf Uhlenhaut, the head of Mercedes's testing department, as a company car.1955 Mercedes-Benz 300 SLR Coupe.Kidston Motor CarsThe eight-cylinder race car was rated at roughly 300 horsepower.1955 Mercedes-Benz 300 SLR Coupe.Kidston Motor CarsIt had a top speed of 180 mph, making it one of the fastest road-legal vehicles of its time, according to RM Sotheby's.1955 Mercedes-Benz 300 SLR Coupe.RM Sotheby'sThe 300 SLR Coupe was developed as a hardtop version of Mercedes's successful open-top 300 SLR race car.1955 Mercedes-Benz 300 SLR Coupe.RM Sotheby'sBoth SLR Coupes have been in Mercedes-Benz's private collection since new.1955 Mercedes-Benz 300 SLR Coupe.Kidston Motor CarsThe one sold — nicknamed "Red" for its red interior — only shows a little over 6,000 kilometers on the odometer.1955 Mercedes-Benz 300 SLR Coupe.Kidston Motor CarsIts sibling, "Blue," will remain on display at the Mercedes-Benz Museum.1955 Mercedes-Benz 300 SLR Coupe.RM Sotheby'sThe 300 SLR isn't to be confused with the Mercedes 300 SL, another highly collectible 1950s Mercedes that's only worth a measly $1 million.1955 Mercedes-Benz 300 SLR Coupe.Kidston Motor CarsWhy would Mercedes-Benz part with such a valuable car and such an iconic piece of its history?1955 Mercedes-Benz 300 SLR Coupe.Kidston Motor CarsIt was sold for a good cause.1955 Mercedes-Benz 300 SLR Coupe.Kidston Motor CarsMercedes says it will use the proceeds from the sale to set up a scholarship fund to support education and research into environmental science and decarbonization.1955 Mercedes-Benz 300 SLR Coupe.RM Sotheby'sRead the original article on Business Insider.....»»

Category: topSource: businessinsiderMay 20th, 2022

This over-the-top Beverly Hills mansion struggled to find a buyer for years. It finally sold last year but is back on the market for $120 million, more than twice its sale price — take a look inside.

Beverly Hills mansion Villa Firenze is back on the market. It has 12 bedrooms, 14 bathrooms, a two-story guest house, and even a gift-wrapping room. Adam Latham for Sotheby’s International Realty A 31,000-square foot Beverly Hills mansion just listed for $120 million, just over a year after it sold for $51 million. Villa Firenze has 12 bedrooms, 14 bathrooms, a two-story guest house, and even a gift-wrapping room. Take a look inside the massive home, which spans nearly 10 acres. An uber-extravagant megamansion has hit the market...Adam Latham for Sotheby’s International Realty...for the cool price of $120 million. (Pocket change, I know.)Adam Latham for Sotheby’s International RealtyIt's called Villa Firenze.Adam Latham for Sotheby’s International RealtyIt's not, however, in Florence.Adam Latham for Sotheby’s International RealtyIt's in Beverly Hills.Adam Latham for Sotheby’s International RealtyVilla Firenze covers 9.85 acres across three lots.Adam Latham for Sotheby’s International RealtySource: Sotheby's International RealtyThere's 31,624 square feet of interior living space.Adam Latham for Sotheby’s International RealtySource: Sotheby's International RealtyThe property has 12 bedrooms...Adam Latham for Sotheby’s International RealtySource: Sotheby's International Realty...including separate maid's quarters, according to its previous Zillow listing.Adam Latham for Sotheby’s International RealtySource: ZillowThere are 14 full bathrooms...Adam Latham for Sotheby’s International RealtySource: Sotheby's International Realty...and four partial bathrooms.Adam Latham for Sotheby’s International RealtySource: Sotheby's International RealtyVilla Firenze is located in "the most exclusive guard-gated community in Los Angeles," according to the Zillow listing.Adam Latham for Sotheby’s International RealtySource: ZillowIt's accessed via its own private street.Adam Latham for Sotheby’s International RealtyIts many rooms include a wine cellar, a den, and a massive center hall.Adam Latham for Sotheby’s International RealtySource: ZillowThere's a library with a secret passage to the master suite.Adam Latham for Sotheby’s International RealtyIt has a large formal dining room in addition to family dining off of the kitchen.Adam Latham for Sotheby’s International RealtySource: Sotheby's International RealtySpeaking of kitchens, there are several of those, including this one...Adam Latham for Sotheby’s International Realty...and this one.Adam Latham for Sotheby’s International RealtyThere's also a two-story guest house, as well as a spa and even a gift-wrapping room.Adam Latham for Sotheby’s International RealtySource: Zillow and Sotheby's International RealtyMany rooms have exposed wood beams, like this one. Others have features like 20-foot ceilings and stone floors.Adam Latham for Sotheby’s International RealtyFor recreation, there's a gym, an outdoor tennis court, and a jogging path encircling the property.Adam Latham for Sotheby’s International RealtyAlso outside, there's a large motor court and a courtyard with room to park 30 cars.Adam Latham for Sotheby’s International RealtyThe home's backyard spans more than four acres.Adam Latham for Sotheby’s International RealtySource: ZillowThere's a pool and jacuzzi...Adam Latham for Sotheby’s International Realty...as well as a two-bedroom pool house nearby.Adam Latham for Sotheby’s International RealtyThere's a storied history to the home's ownership over the years.Adam Latham for Sotheby’s International RealtyFor starters, this is the second time the mansion has been up for sale in just over a year.Adam Latham for Sotheby’s International RealtyVilla Firenze was built in 1998.Adam Latham for Sotheby’s International RealtyAirplane leasing tycoon Steven Udvar-Hazy owned the property at the time.REUTERS/Jean-Philippe ArlesIn 2018, he put the home on the market with an asking price of a whopping $165 million.Adam Latham for Sotheby’s International RealtySource: Mansion GlobalWhen no one bit, Udvar-Hazy put Villa Firenze up for auction in January 2021.Adam Latham for Sotheby’s International RealtySource: Mansion GlobalBiotech entrepreneur Roy Eddleman scooped up the property at a heavily discounted price.Rachel Murray/Getty Images for Carl F. BuchererVilla Firenze sold for $51 million at the time.Adam Latham for Sotheby’s International RealtyThat's a discount of nearly 70% off of Udvar-Hazy's original $165 million asking price.Adam Latham for Sotheby’s International RealtyAfter transfer taxes, fees, and commissions, Eddleman's final bill came out to $57 million, listing agent Richard Klug told Insider.Adam Latham for Sotheby’s International RealtyAt the time, the sale set the record for the most expensive property to ever be sold at auction.Adam Latham for Sotheby’s International RealtySource: The Wall Street JournalSo why is Villa Firenze's $120 million listing price so much higher just a year later?Adam Latham for Sotheby’s International Realty"At the time of the purchase, I thought it was worth considerably more, but only three buyers showed up at the auction and shortly dropped out," Klug said.Adam Latham for Sotheby’s International RealtyHe says another factor behind the drastic price increase is the high cost of other homes in the area.Adam Latham for Sotheby’s International Realty"This year, Beverly Park has become very popular with some very high sales, which have driven the values up," Klug said.Adam Latham for Sotheby’s International RealtyThe $120 million price tag was determined based on a home sale in the area, he says.Adam Latham for Sotheby’s International Realty"49 Beverly Park sold for $70 million in March of this year with almost the identical size of home and guest houses but with only 2.2 acres of land on one Beverly Park parcel," Klug said. "Villa Firenze is 9.8 acres on three Beverly Park Parcels and is worth much more due to the acreage. We took the $70 million comparable sale and added for the extra land to compute the asking price."Adam Latham for Sotheby’s International RealtyAs for the home's quick return to the market, Klug says Eddleman initially "bought it for investment and planned to live there for several years."Adam Latham for Sotheby’s International RealtyHowever, "he has found that the property is just too big for him and has his eye on a smaller property," Klug said.Adam Latham for Sotheby’s International RealtySo who's biting now?Adam Latham for Sotheby’s International RealtyKlug says most of the inquiries he's gotten about Villa Firenze so far have been from local residents. Given the size of the property, most of the people expressing interest are also those who could really use a lot of space.Adam Latham for Sotheby’s International Realty"This property can easily accommodate a large family and plenty of guests in the guest house and pool house," he said. "Most of our inquiries so far have been from this type of buyer."Adam Latham for Sotheby’s International RealtyFor all the home's amenities, Klug thinks the size of the lawn and pool are "probably the most eye-catching features."Adam Latham for Sotheby’s International Realty"This is a rare opportunity to buy one of the largest estates in the Los Angeles area," Klug said.Adam Latham for Sotheby’s International RealtyRead the original article on Business Insider.....»»

Category: topSource: businessinsiderMay 19th, 2022

Warren Buffett"s deputy reflects on the pandemic crash, trumpets the value of reading widely, and explains why he loves investing in a new interview. Here are the 12 best quotes.

Buffett and his team were stumped by the virus, and failed to scoop up bargains because of the Federal Reserve's rapid response, Ted Weschler said. Ted Weschler.Joppen Warren Buffett's deputy reflected on the stock-market crash of 2020 in a recent interview. Ted Weschler blamed the Fed's swift action for Berkshire Hathaway's failure to snap up many bargains. Weschler underscored the value of reading widely, and the varied nature of investing. Ted Weschler, one of Warren Buffett's two portfolio managers at Berkshire Hathaway, reflected on the stock-market crash in March 2020 during a recent episode of the "I Am Home" podcast from Nebraska Furniture Mart.Weschler, who joined Berkshire in 2012 after winning Buffett's charity-lunch auction two years in a row, also underlined the value of reading widely, and trumpeted the varied nature of his job.Buffett's deputy is best known for snowballing his retirement account from $70,000 into $264 million, and he may have paved the way for Buffett's phenomenal Apple investment.Here are Weschler's 12 best quotes from the interview, lightly edited for length and clarity:1. "Here's a guy who really was a hero of mine from an investing standpoint from 1979." (Weschler said he began studying Warren Buffett as a college student.)2. "He was the grey-haired guy with gravitas, and I was the maniac in the backroom who knew the tax code and knew how to use a computer." (Weschler was discussing the private-equity firm he started with a colleague from WR Grace.)3. "One of the great mistakes of investing is that people do end up reading the same thing. The only way you're going to have success in the stock market is if you've got what's referred to as a variant perception, something that's different from the masses."4. "I always do want to be able to look myself in the mirror and say that I'm reading enough weird stuff that nobody else is reading the same stuff that I am. If you're just reading The New York Times and The Wall Street Journal, there's no way you're going to beat other people — you're just reading the same thing."5. "I read Furniture Today and Uranium Weekly. I'm not sure there's a lot of people that subscribe to both of those; you're looking at one of them."6. "If I can come up with one decent investment idea a year, boy that is great. I call it a game of 'connect the dots', where you want to build up a terrific dataset. Maybe you'll be able to say, 'Ooh, I read this here, I read this here, and this here,' and make a connection, such that you've got a slightly different perception of where a business is going to be in five years from now than where the market does."7. "It was a tough one from an investing standpoint, because all of us looked at each other and were like, 'Wow, just have not seen anything like this, not sure how this is going to play out.' We were sitting there over quarter-pounders with cheese, saying, 'What do we think?' and it was like 'Jeez. just don't know.' We had a lot of very good information, but we didn't have a relative edge." (Weschler was underscoring how the pandemic initially stumped Buffett, him, and his fellow investment manager, Todd Combs.)8. "It was brilliant work on the part of the Fed and Jay Powell in fixing everything. But the Fed effectively put a floor under everything, and the moment they did that, the opportunities that would have been there for Berkshire, they weren't there anymore."9. "Historically, the best times for Berkshire have been when there were difficulties out there. Our view was the banking system was going to effectively shut down, and there wasn't going to be lending available for institutions. But in actual fact there was plenty of money available. The Fed came and said, 'Open the vault, whatever you need,' and even Berkshire can't compete with that." (Weschler was explaining why Berkshire struggled to find bargains after the pandemic tanked markets in the spring of 2020.)10. "The tragedy in Russia, Ukraine — that really did rattle the markets. That's the sort of thing that we're in a better position to assess, because there have been similar things that have happened in the last 125 years. You can say, 'How does this play out?' and 'What are the probability-adjusted outcomes you could have?'"11. "I just find the investing business so interesting. If you're intellectually curious — and that's really a common element among Warren, myself, and Todd — there's nothing better. If you're studying the banking industry in the morning, and you say, 'Jeez, okay, I've had enough of this' — well then, you can study the home furnishings business, and then go back to uranium in the evening. It's just fun, and the fact that things are changing means there's always going to be new things out there."12. "There's something about bringing tens of thousands of people together. Just like at a wedding, where you know that you're somehow connected to the bride or groom, you're somehow connected to Berkshire." (He was explaining why he enjoys Berkshire's annual shareholder meeting.)Read more: Insider interviewed the CEOs of See's Candies, Dairy Queen, Borsheims, and Brooks Running during Berkshire Hathaway's annual meeting. They offered a look inside Warren Buffett's company, and shared how they're dealing with the pandemic and inflation.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderMay 19th, 2022

The Tucker Carlson origin story

Tucker Carlson's journey from prep school provocateur to Fox News flamethrower, according to his friends and former classmates. Tucker Carlson during a CNN National Town Meeting on coverage of the White House sex scandal, on January 28, 1998.Richard Ellis/Getty Images Tucker Carlson is remembered as a provocateur and gleeful contrarian by those who knew him in his early days. His bohemian artist mother abandoned her young family and cut Tucker and his brother out of her will. At a Rhode Island prep school and at Trinity College, classmates remember him as a skilled debater who could both amuse and infuriate his audiences. On Oct. 29, 1984, New York police killed an elderly Black woman named Eleanor Bumpurs in her own home. Bumpers, who lived in a public housing complex in the Bronx, had fallen four months behind on her rent. When officials from the city housing authority tried to evict her, she refused, and they called the police. Five officers responded by storming into her apartment. Bumpurs, who had a history of mental illness, grabbed a butcher knife as two officers pushed her against a wall with their plastic shields and a metal pole. A third officer fired two shots from his 12-gauge shotgun, striking Bumpurs in her hand and chest.Eleanor Bumpurs' death dominated the city's news for two months and led the NYPD to revise its guidelines for responding to emotionally disturbed individuals.At St. George's prep school, some 175 miles away in Rhode Island, the incident deeply haunted Richard Wayner. He was one of the school's few Black students and had grown up in a residential tower not far from where Bumpurs had lived. He earned straight As and was so admired that in 1984 his peers elected him senior prefect, the prep equivalent of student body president, making him the first Black class leader in the school's 125-year history. Harvard soon beckoned.Wayner was frustrated with how the St. George's community seemed to ignore the conversations about racial justice that were happening outside the cloistered confines of Aquidneck Island. It bothered Wayne that almost no one at St. George's seemed to know anything about Bumpurs' killing. "You had your crew, you put your head down, and you tried to get through three or four years of prep school with your psyche intact," Wayner said of those days.As senior prefect, one of the duties was to deliver an address each week at the mandatory Sunday chapel service. One Sunday, perched from the chapel podium, Wayner described the shooting as a sea of white faces stared back at him. He concluded with the words: "Does anyone think that woman deserved to die?"Near the front of the chapel, a single hand went up for a few brief seconds. It was Tucker Carlson.Eleanor Bumpurs was shot and killed by the New York Police Department on October 29, 1984APThen a sophomore, Tucker had a reputation as a gleeful contrarian – an indefatigable debater and verbal jouster who, according to some, could also be a bit of a jerk. "Tucker was just sort of fearless," said Ian Toll, a St. George's alumnus who would go on to be a military historian. "Whether it was a legitimate shooting may have been a point of debate but the fact was that Tucker was an underclassmen and the culture was to defer to the seniors." Wayner himself never saw Tucker's hand go up, and the two kept in touch over the years. (Note on style: Tucker Carlson and the members of his family are referred to here by their first names to avoid confusion.)  Four decades later, glimmers of that prep school provocateur appear on Tucker's Prime Time show on Fox, which garners an average of between 3 to 4 million viewers a night. His furrowed visage and spoiling-for-a-fight demeanor are all too familiar to those who have known him for decades. In the words of Roger Stone, a Republican political operative, frequent guest, and longtime friend of Tucker's: "Tucker Carlson is the single most influential conservative journalist in America… It is his courage and his willingness to talk about issues that no one else is willing to cover that has led to this development."Tucker's name has even been floated as a possible Republican presidential candidate in 2024. "I mean, I guess if, like, I was the last person on earth, I could do it. But, I mean, it seems pretty unlikely that I would be that guy." he said on the "Ruthless" podcast in June, dismissing this possibility.Tucker's four decades in Washington, and his transition from conservative magazine writer to right-wing television pundit, have been well documented. But less well known are his early years and how they shaped him: his bohemian artist mother, who abandoned her young family and cut Tucker and his brother out of her will; the Rhode Island prep school where he met his future spouse; and his formation into a contrarian debater who could both amuse and infuriate his audience with his attention-getting tactics.Tucker declined to participate in an interview with Insider, saying in a statement. "Your level of interest in the boring details of my life is creepy as hell, and also pathetic," he wrote. "You owe it to yourself and the country to do something useful with your talents. Please reassess."California roots Tucker Carlson's West Coast roots burrow as deep as a giant redwood. He was born in San Francisco in May 1969 as the excesses of the Sixties peaked and the conservative backlash to the counterculture and the Civil Rights movement started to take shape. Tucker's mother, Lisa McNear Lombardi, born in San Francisco in 1945, came from one of the state's storied frontier families. Lisa's mother, Mary Nickel James, was a cattle baron heiress. Her great-great-grandfather had owned 3 million acres of ranchland, making him among the largest landowners west of the Mississippi. Her father Oliver Lombardi was an insurance broker and descendant of Italian-speaking Swiss immigrants. Lisa enrolled at UC Berkeley, where she majored in architecture. She met Richard Carlson, a San Francisco TV journalist from a considerably less prosperous background, while still in college. Lisa and Richard eloped in Reno, Nevada in 1967. The couple didn't notify Lisa's mother, who was traveling in Europe with her new husband at the time. "Family members have been unable to locate them to reveal the nuptials," a gossip item published in the San Francisco Examiner dished.Tucker arrived two years later. A second son, Buckley, was born two years after that. As Richard's career began to flourish, the family moved first to Los Angeles and then, in 1975, to La Jolla, a moneyed, beach-front enclave about 12 miles north of San Diego. When Lisa and Richard divorced a year later, in 1976, Richard got full custody of their sons, then 6 and 4. According to three of Tucker's childhood classmates, Lisa disappeared from her sons' lives. They don't recall Tucker talking about her, or seeing her at school events. Marc Sterne, Tucker's boarding school roommate who went on to be executive producer of the Tony Kornheiser Show, says the two didn't talk much about Tucker's relationship with his mother and he got the impression that Tucker and Richard were exceptionally close. When Sterne's own parents split up that year, he said Tucker was supportive and understanding. Lisa spent the next two decades as an artist – moving first to Los Angeles, where she befriended the painter David Hockney, and later split her time between France and South Carolina with her husband, British painter Michael Vaughan. In 1979, Richard Carlson married Patricia Swanson, heiress to the Swanson frozen foods empire that perfected the frozen Salisbury steak for hassle-free dinners. She soon legally adopted Tucker and Buckley.  When Lisa died in 2011, her estate was initially divided equally between Tucker, his brother Buckley, and Vaughan. But in 2013, Vaughan's daughter from another marriage found a one-page handwritten document in Lisa's art studio in France that left her assets to her surviving husband with an addendum that stated, "I leave my sons Tucker Swanson McNear Carlson and Buckley Swanson Peck Carlson one dollar each." A protracted battle over Lombardi's estate involving Vaughan and the Carlson brothers wound up in probate court. The Carlsons asserted the will was forged but a forensic witness determined that Lisa had written the note. The case eventually went to the California Appellate Court, which allowed the Carlson brothers to keep their shares in 2019."Lisa was basically sort of a hippie and a free spirit," said one attorney who  represented the Vaughan family and recalled having conversations about the case. "She was very liberal and she did not agree with Tucker's politics. But she stuck the will in the book, everyone forgot about it, and then she passed away."In a 2017 interview with The New Yorker, Tucker described the dissolution of his family as a "totally bizarre situation — which I never talk about, because it was actually not really part of my life at all." Several pieces of art produced by Tucker's mother, Lisa Lombardi, and her then-partner Mo Mcdermott in the home of a California collector.Ted Soqui for InsiderLisa When Lisa left her husband and two young sons, she was escaping suburban family life in favor of the more bohemian existence as an artist. One of Tucker and Buckley's former teachers said their mother's absence "left some sour grapes." "I felt they sided with the father," Rusty Rushton, a former St. George's English teacher said. After the divorce, Lisa returned to Los Angeles and tried to break into the city's thriving contemporary art scene. She befriended Mo McDermott, an LA-based British sculptor, model, and longtime assistant to David Hockney, one of the most influential artists of the 20th century. A few years before he met Lisa, the scene was captured in Jack Hazan's 1974 groundbreaking documentary "A Bigger Splash," which followed Hockney and his coterie of gay male friends idly lounging around the pool in his Hollywood Hills home."When love goes wrong, there's more than two people who suffer," said McDermott, playing a slightly exaggerated version of himself, in a voiceover in the documentary.Lisa and McDermott became a couple and Lisa won admission into Hockney's entourage. Hockney lived a far more reclusive lifestyle than his pop art compatriot Andy Warhol but some four dozen or so artists, photographers, and writers regularly passed through his properties."She was more like a hippie, arty kind of person. I couldn't ever imagine her being a mother," said Joan Quinn, the then-West Coast editor of Andy Warhol's Interview Magazine, who knew Lisa during those years and still owns several of her works. "She was very nervous all the time… She was ill-content."The pair were often seen at Hockney's Hollywood Hills home and at Friday night gallery openings on La Cienega Boulevard. They collaborated on playful, large-scale wood sculptures of animals, vegetables, and trees. A handful of their pieces could be seen around Hockney's hillside ranch."Hockney had me over to meet them. He wanted a gallery to handle their work," said Molly Barnes, who owns a gallery in West Hollywood and gave the pair shows in 1983 and 1984. "They were brilliant and David loved Mo. He thought they were the best artists around.""She was quiet and intellectual and somewhat withdrawn," Barnes said. "She had come from a lot of money and that reflected on her personality. She wasn't a snob in any way but she had the manners of a private school girl and someone who was fighting the establishment."A sculpture by Tucker's mother, Lisa Lombardi, and her then-partner Mo Mcdermott in the home of a California collector.Ted Soqui for InsiderNone of them recall Lisa discussing her two sons. McDermott died in 1988. After his death, Hockney discovered that McDermott had been stealing drawings from him and selling them. Hockney said the betrayal helped bring on a heart attack. "I believe I had a broken heart," Hockney told The Guardian in 1995. (Hockney did not answer multiple inquiries about Lisa or McDermott.)In 1987, Lisa met Vaughan, one of Hockney's peers in the British art scene known as the "Bradford Mafia." They married in February 1989 and for years afterward they lived in homes in the Pyrenees of southwest France and South Carolina's Sea Islands.Lisa continued to make art, primarily oversized, wooden sculptures of everyday household items like peeled lemons and dice, but she exhibited her work infrequently. She died of cancer in 2011, at which point Carlson was a decade into his media career and a regular contributor on Fox News. Richard In contrast to Lisa's privileged upbringing, Richard's childhood was full of loss. Richard's mother was a 15-year-old high school girl who had starved herself during her pregnancy, and he was born with a condition called rickets. Six weeks later, his mother left him at an orphanage in Boston called The Home for Little Wanderers. Richard's father, who was 18, tried to convince her to kidnap the infant and marry him, but she refused. He shot and killed himself two blocks from her home.A Massachusetts couple fostered Richard for two years until he was adopted by a wool broker and his wife, which he described in a 2009 reflection for the Washington Post. His adoptive parents died when he was still a teenager and Richard was sent to the Naval Academy Preparatory School. He later enlisted in the Marines and enrolled in an ROTC program at the University of Mississippi to pay for college.In 1962, Richard developed an itch for journalism while working as a cop in Ocean City, Maryland at the age of 21, and the future NBC political correspondent Catherine Mackin, helped him get a copy boy job at the Los Angeles Times. Richard moved to San Francisco three years later and his career blossomed. He started producing television news features with his friend, Lance Brisson, the son of actress Rosalind Russell. They filmed migrant farm workers in the Imperial Valley living in cardboard abodes in 110 degree weather, traipsed the Sierra Nevada mountains to visit a hermit, and covered the Zodiac Killer and Bay Area riots (during one demonstration in 1966, they sent television feeds from their car where they trapped for four hours  and a crowd roughed up Brisson, which required four stitches under his left eye). Another time, they rented a helicopter in search of a Soviet trawler but they had to jump into the Pacific Ocean when the chopper ran low on fuel near the shore and crashed.In 1969, Richard and Brisson co-wrote an article for Look Magazine that claimed San Francisco Mayor Joseph Alioto had mafia ties. Alioto sued the magazine's owner for libel and won a $350,000 judgment when a judge determined the article's allegations were made with "actual malice" and "reckless disregard for whether they were true or not." (Richard was not a defendant in the case and has stood by his story. Brisson declined an interview.)Richard moved back to Los Angeles to join KABC's investigative team two years later. One series of stories that delved into a three-wheeled sports car called the Dale and the fraudulent marketing practices of its founder, Geraldine Elizabeth Carmichael, won a Peabody award in 1975. The series also outed Carmichael as a transgender woman. (Richard's role in Carmichael's downfall was explored in the HBO documentary "The Lady and the Dale.") Soon after arriving as an anchor for KFMB-TV, San Diego's CBS affiliate, Richard ran a story revealing that tennis pro Renee Richards, who had just won a tournament at the La Jolla Tennis Club, was a transgender woman."I said, 'You can't do this. I am a private person,'" Richards, who years later would advise Caitlyn Jenner about her transition, urged the television journalist to drop his story, according to a 2015 interview. "His reply? 'Dr. Richards, you were a private person until you won that tournament yesterday.'" By the time he left the anchor chair in 1977 to take a public relations job with San Diego Savings and Loan, Richard had soured on journalism. "I have seen a lot of arrogance and hypocrisy in the press and I don't like it," he told San Diego Magazine in 1977. "Television news is insipid, sophomoric, and superficial… There are so many things I think are important and interesting but the media can be counted on to do handstands on that kind of scandal and sexual sensation."Years later, Richard said that he never tried to encourage his eldest son in politics or journalism, but that Tucker had a clear interest in both from an early age. "I never thought he was going to be a reporter or a writer. I never encouraged him to do that," Richard told CSPAN of his eldest son in 2006. "I actually attempted not to encourage him politically, either. I decided those are the things that should be left up to them."A LaJolla, California post card.Found Image Holdings/Corbis via Getty ImagesA La Jolla childhoodAfter the divorce, Richard and his boys stayed in La Jolla in a house overlooking the La Jolla Beach and Tennis Club. Friends of Tucker's would later say that the trauma of their mother's absence brought the three of them closer together.  "They both really admired their dad. He was a great source of wisdom. He's one of the great raconteurs you'll ever meet. They loved that glow that came from him," said Sterne, Tucker's boarding school roommate. "They both looked up to him, it was clear from my eyes."In an essay included in his book "The Long Slide: Thirty Years in American Journalism," Tucker described Richard as a kind parent who imbued family outings with a deeper message.One of Tucker's earliest memories, he writes, was from just after the divorce, when Tucker was seven and Buckley was five: the brothers gripping the edge of a luggage rack on the roof of his family's 1976 Ford Country Squire station wagon, while their father gunned the engine down a dirt road."I've sometimes wondered what car surfing was meant to teach us," Tucker wrote. "Was he trying to instill in us a proper sense of fatalism, the acknowledgement that there is only so much in life you can control? Or was it a lesson about the importance of risk?... Unless you're willing to ride the roof of a speeding station wagon, in other words, you're probably not going to leave your mark on the world."More often, the boys were left unsupervised and found their own trouble. Tucker once took a supermarket shopping cart and raced it down a hill in front of their house with Buckley in its basket. The cart tipped over, leaving Buckley with a bloody nose. He also recalled building makeshift hand grenades with hydrochloric acid and aluminum foil – using a recipe from their father's copy of "The Anarchist Cookbook"  and tossing them onto a nearby golf course."No one I know had a father like mine," Tucker wrote. "My father was funnier and more outrageous, more creative  and less willing to conform, than anyone I knew or have known since. My brother and I had the best time growing up."Richard sent Tucker to La Jolla Country Day, an upscale, largely white private school with a reputation as one of the best in Southern California, for elementary and middle school. In his book, "Ship of Fools: How a Selfish Ruling Class Is Bringing America to the Brink of Revolution," Tucker described his first grade teacher Marianna Raymond as "a living parody of earth-mother liberalism" who "wore long Indian-print skirts," and sobbed at her desk over the world's unfairness. "As a conservative, I had contempt for the whiny mawkishness of liberals. Stop blubbering and teach us to read. That was my position," he wrote. "Mrs. Raymond never did teach us; my father had to hire a tutor to get me through phonics.""I beg to differ," Raymond countered in an interview, saying that she was also Tucker's tutor during the summer after first grade and was even hired again. "I'm a great teacher. I'm sure he liked me." For her part, she remembered Tucker as a fair-haired tot who was "very sweet" and "very polite." (When The Washington Post reached out her her, she said Carlson's characterization had been "shocking.")  Friends from La Jolla remember that Tucker loved swimming the mile-and-a-half distance between La Jolla Shores Park and La Jolla Cove, jumping off cliffs that jut out into the Pacific Ocean, riffing on the drums, and playing Atari and BB gun games at the mall with his friends. "He was a happy kid. We were young, so we used to go to the beach. We did normal kid stuff," said Richard Borkum, a friend who is now a San Diego-based attorney. When they weren't at the beach or the mall, Borkum and another friend, Javier Susteata, would hang out at the Carlson home listening to The Who, AC/DC, and other classic rock bands. Borkum said the adults at the Carlson household largely left them alone. "I'm Jewish and Javier was Mexican and I'm not sure they were too happy we were going to their house," Borkum said.Another friend, Warren Barrett, remembers jamming with Tucker and going snow camping at Big Bear and snorkeling off Catalina Island with him in middle school."Tucker and I literally ate lunch together every day for two years," Barrett said. "He was completely the opposite of now. He was a cool southern California surfer kid. He was the nicest guy, played drums, and had a bunch of friends. And then something must have happened in his life that turned him into this evil diabolical shithead he is today."LaJolla is a upscale beach community outside of San Diego. Carlson and his family moved their in 1975.Slim Aarons/Hulton Archive/Getty ImagesSan Diego's next mayorRichard, meanwhile, was exploring a second career in public service. By 1980, he had risen to vice president of a bank headed by Gordon Luce, a California Republican power broker and former Reagan cabinet official. The following year, Richard's public profile got a boost when he tangled with another veteran television journalist, CBS's Mike Wallace. The 60 Minutes star had interviewed Richard for a story about low-income Californians who faced foreclosures from the bank after borrowing money to buy air conditioners without realizing they put their homes up for collateral. Richard had his own film crew tape the interview, and caught Wallace saying that people who had been defrauded were "probably too busy eating their watermelon and tacos." The remark made national headlines and Wallace was forced to apologize.Pete Wilson, the U.S. Senator and former San Diego mayor, encouraged Richard to run for office. In 1984, Richard entered the race to challenge San Diego Mayor Roger Hedgecock's re-election. "He was a very well-regarded guy," Hedgecock told Insider. "He had an almost Walter Cronkite-like appearance, but because he was in local news he was all about not offending anybody. He didn't have particularly strong views. He was nice looking, articulate, and made good appearances, but what he had to say was not particularly memorable other than he wanted me out of office."Sometimes Tucker tagged along for campaign events. "He would always show up in a sport coat, slacks and a bowtie and I thought that's really nice clothing for someone who is a kid," Hedgecock remembers. He was a very polite young man who didn't say much."Five days before voters went to the polls, Hedgecock went on trial for 15 counts of conspiracy and perjury, an issue that Richard highlighted in his television campaign ads. Richard still lost to Hedgecock 58 to 42 percent despite pouring nearly $800,000 into the race and outspending Hedgecock two to one. (Hedgecock was found guilty of violating campaign finance laws and resigned from office in 1985 but his convictions were overturned on appeal five years later.)People are seen near a beach in La Jolla, California, on April 15, 2020.Gregory Bull/AP PhotoPrep school In the fall of 1983, a teenaged Tucker traded one idyllic beachfront community for another.At 14, Tucker moved across the country to Middletown, Rhode Island, to attend St. George's School. (Buckley would follow him two years later.) The 125-year-old boarding school sits atop a hill overlooking the majestic Atlantic Ocean, and is on the other side of Aquidneck Island where Richard Carlson went to naval school. The private school was known as a repository for children of wealthy East Coast families who were not as academically inclined as those who attended Exeter or Andover. Its campus had dorms named after titans of industry, verdant athletic fields, and a white-sand beach.Senators Claiborne Pell and Prescott Bush graduated, as did Vermont Gov. Howard Dean, and poet Ogden Nash. Tucker's class included "Modern Family" actor Julie Bowen; Dede Gardner, the two-time Oscar-winning producer of "12 Years a Slave" and "Moonlight"; and former DC Entertainment president Diane Nelson. Billy Bush – "Extra" host, and cousin to George W. Bush – was three years behind him.Tuition at St. George's cost $13,000 per year in the 1980s (it's now up to $67,000 for boarding school students) and student schedules were tightly regimented with breakfast, classes, athletics, dinner, and study hall encompassing each day. Students were required to take religion classes, and attend chapel twice a week. Faculty and staff would canvass the dorms on Thursdays and Sundays to ensure no one skipped the Episcopal service. Tucker impressed his new chums as an hyper-articulate merrymaker who frequently challenged upperclassmen who enforced dorm rules and the school's liberal faculty members."He was kind of a California surfer kid. He was funny, very intelligent, and genuinely well-liked," said Bryce Traister, who was one year ahead of Tucker and is now a professor at the University of British Columbia. "There were people who didn't like Tucker because they thought he was a bullshitter but he was very charming. He was a rascal and a fast-talker, as full of shit as he is today."Back then Tucker was an iconoclast more in the mold of Ferris Bueller than preppy neocon Alex P. Keaton, even if his wardrobe resembled the "Family Ties" star. Students were required to wear jackets, ties, and khakis, although most came to class disheveled. Tucker wore well-tailored coats and chinos, pairing his outfit with a ribbon-banded watch and colorful bowtie which would later become his signature. "He was always a very sharp dresser. He had a great rack of ties. He always knew how to tie a bowtie but he didn't exclusively wear a bowtie," said Sterne, Tucker's freshman year roommate. "He always had great clothes. It was a lot of Brooks Brothers." Their crew crew held court in each others' dorm rooms at Auchincloss, the freshman hall, kicking around a Hacky Sack and playing soccer, talking about Adolph Huxley, George Orwell, and Hemingway, and dancing to Tom Petty, the Grateful Dead, and U2 on the campus lawn. Televisions weren't allowed so students listened to their Sony Walkman swapping cassette recordings of live concerts. Tucker introduced several bands to his friends."He loved classic rock and he was and still is a big fan of Jerry Garcia and the Grateful Dead," said Sterne, who saw a Dead show with Tucker at RFK Stadium in 1986.Sometimes the clique got slices at Aquidneck Pizza and played arcade games in town, hung out in history instructor William Schenck's office, and smoked pot and Marlborough Red cigarettes on a porch in the main building's common room that faced the ocean, according to multiple sources. When the school administrators banned smoking indoors the following year so they congregated behind the dumpster behind the dining hall. Vodka (often the brand Popov) mixed with Kool-Aid was the drink of choice and students stockpiled bottles under their beds.Tucker was an enthusiastic drinker, half a dozen classmates recall. In his book, "The Long Slide," Tucker credits Hunter S. Thompson's "Fear and Loathing in Las Vegas" for enticing him to try drugs in 10th grade, The experience gave him "double vision and a headache." By the time he got to college, Tucker writes, "I switched to beer."By the late 1990s Tucker stopped smoking. He eventually cut alcohol too in 2002 after drinking so much while covering George W. Bush in New Hampshire during the 2000 primary that he accidentally got on the wrong plane, according to a friend.Most of Tucker's fellow students remember him best as a skilled speaker."He was always eager to take the less palatable side of the argument and argue that side," said Mahlon Stewart, who attended prep school and college with Tucker and is now a geriatric specialist at Columbia University. "Back then it was comedic. I thought it was an act.""His confidence was just amazing. He could just put out some positions and be willing to argue anything no matter how outlandish," Keller Kimbrough, a former classmate who's now a professor at the University of Colorado. "We were talking about politics and religion one time Tucker pulled this card out of his wallet and said, 'Well actually I'm an ordained minister, I'm an authority on the subject.' This was a stunt. He could literally play the religion card." "When he got the job at Fox I just thought 'Wow that's perfect for him, that's exactly what he can do.'"Their dorm room discourses were never serious. Tucker would pick a side in a debate between whether the color red or blue were better, and the crowd would erupt whenever he made a good point, friends said.  "Even at age 15 he was verbally dexterous and a great debater," Ian Toll said. "His conservative politics was fully formed even back then. He believed in strong defense and minimal government."His teachers saw a pupil who was primed for law school."Language and speaking came naturally to him. He took pleasure in it," said Rusty Rushton, Tucker's former English teacher. Tucker's politics, though, "seemed fluid to me," Rushton said. "I don't think of him as a deeply ensconced ideologue."He ditched soccer after sophomore year to act in a school theater production of Ayn Rand's courtroom thriller "Night of January 16th" (Julie Bowen starred as the prosecuting attorney. Tucker played a juror). But Tucker found his voice in competitive debate when he eventually joined the school's debate club. The team traveled to other private school campuses to compete against schools like Andover, Exeter, and Roxbury Latin in tournaments."He won some debate and basically did a victory lap afterward and got in the face of all the faculty there," one alum from a rival school who debated against Tucker said. "After defeating the student team, he started challenging the faculty, and said, 'Do any of you want to take me on? Are any of you capable of debating me?'"SusieIn the fall of Tucker's sophomore year, a new headmaster arrived at St. George's, Rev. George Andrews II. Andrews' daughter, Susie – who Tucker would eventually marry – was in Tucker's class. According to school tradition, a rotating group of underclassmen was charged with serving their classmates dinner and, one night in late September, Tucker and Susie had the shift at the same time. "They were sitting at a table at the far end of Queen Hall just leaning in, talking to each other," Sterne recalled. "You could see the sparks flying, which was cool."Susie floated between the school's friend groups easily. When she was seen mingling with Tucker, some questioned what she saw in him."People were saying, 'Come on Susie, why are you dating Tucker?' He's such a loser slacker and she was so sweet," Traister said. The pair started dating at the age of 15 and quickly became inseparable. Tucker gained notoriety on campus for repeatedly sneaking into Susie's room on the second floor of Memorial Schoolhouse, the school's stately administrative office that housed the headmaster's quarters. He had less time for his dumpster buddies now that the couple hung out on the campus lawn, attended chapel and an interdenominational campus ministry organization called FOCUS. His senior yearbook included a photo of Tucker squinting in concern to a classmate, with the caption "What do you mean you told Susie?While Susie was universally liked within the St. George's community, her father was polarizing.Andrews led the school during a turbulent period – it was later revealed – when its choirmaster Franklin Coleman was accused of abusing or having inappropriate conduct with at least 10 male students, according to an independent investigation by the law firm Foley Hoag in 2016. (Two attorneys representing several victims said 40 alumni contacted them with credible accounts of molestation and rape accusations at the hands of St. George's employees between 1974 and 2004 after a 2015 school-issued report detailed 26 accounts of abuse in the 1970s and 1980s. (Coleman was never criminally charged and he has not responded to Insider's attempts to reach him.) Over his eight-year tenure as school music director, from 1980 to 1988, Coleman invited groups of boys to his apartment for private parties. Sometimes he shared alcohol and pot with some of them, gave them back and neck rubs, showed pornographic videos, traveled with them on choral trips and stayed in their hotel rooms, and appeared nude around some of them, the report found. Several of Tucker's classmates and former faculty said they had no reason to believe he would have been aware of the accusations. "There were rumors circulating wildly that Coleman was bad news. The idea was he would cultivate relationships with young men," Ian Toll, a St. George's alum, said. "Anyone who was there at that time would have likely been aware of those rumors."Andrews told Foley Hoag investigators he was not aware of any complaints about Coleman until May 1988 (by then, Tucker had finished his freshman year in college) when school psychiatrist Peter Kosseff wrote a report detailing a firsthand account of misconduct. But Andrews acknowledged to investigators the school could have been aware of "prior questionable conduct" before then, the report said. Andrews fired Coleman in May 1988 after the school confronted Coleman with allegations of misconduct and he did not deny them. According to the investigation, Andrews told students Coleman resigned due to "emotional stress" and that he had the "highest regard and respect for him." On the advice of a school attorney, Andrews did not report the music teacher to child protective services. He also knew that his faculty dean wrote Coleman a letter of recommendation for a job at another school, according to investigators. Andrews left the school a few weeks after Coleman departed. By September 1989, he was named headmaster at St. Andrew's School in Boca Raton, Florida which he led for 18 years. (Andrews declined to speak about Tucker or his tenure at either school.) St. George's, meanwhile, reached an undisclosed settlement with up to 30 abuse survivors in 2016. Coleman found work as a choir director at Tampa Preparatory School in Tampa Bay, Florida before he retired in 2008. Tucker Carlson attended St. George’s School, a boarding school starting at age 14.Dina Rudick/The Boston Globe via Getty ImagesTrinity In the fall of 1987, Tucker enrolled at Trinity College in Hartford, CT, where Rev. Andrews had also attended.Nearly two-thirds of Trinity's student body back then originated from private schools and many came from wealthy backgrounds. Tuition in 1987 cost $11,700 plus an additional $3,720 for room and board—around $27,839 in today's dollars."When the Gulf War broke out" in 1990, one Trinity alum who knew Tucker recalled, "there was a big plywood sign in front of the student center that read, 'Blood for Oil,' and someone else threw a bucket of paint on it."The posh campus was situated in the middle of Hartford, Connecticut, the state's capital and one of its poorest cities. Discussions about race and inequality were sometimes at the forefront of campus politics, but many students avoided engaging in them entirely."There were issues about whether black students should only date other black students, that kind of thing," said Kathleen Werthman, a classmate of Tucker's who now works at a Florida nonprofit for people with disabilities. "My sophomore year, for new students, they had a speaker talking about racism, and one of the students said, 'I never met a black student, how are you supposed to talk to them?' And the idea that only white people can be racist was challenged too."Susie was at Vanderbilt in Nashville, Tennessee. His brother remained in Rhode Island and other prep school friends had fanned out across the East Coast. Tucker moved into a four-bedroom dormitory overlooking the main quad. One suitemate, Neil Patel, was an economics major from Massachusetts who played intramural softball. (They would co-found the Daily Caller together two decades years later.) Other roommates played on the varsity soccer team and they formed a tight-knit group."I remember being struck by him. He was the same way he is now," said Rev. Billy Cerveny, a college friend of Tucker's who's now a pastor at Redbird Nashville. "He was a force of nature. He had a sense of presence and gravitas. You might get into an argument with him, but you end up loving the guy."Tucker often went out of his way to amuse his friends. Once during the spring semester, several activists set up a podium and microphone beneath his dorm window to protest the CIA's on-campus recruitment visits. The demonstration was open-mic so Tucker went up to the stage and told the crowd of about 15 people, "I think you're all a bunch of greasy chicken fuckers.""I think people laughed. He did," Cerveny said. "There was always a small collection of people any time there was an issue who tried to stir the pot in that way. Some people were dismissive and other people loved it, thinking 'Oh we're getting a fight here.'"As a sophomore, Tucker and his friends moved into a dingy three-story house on Crescent Street on the edge of the campus. He ditched his tailored jackets, khakis, and bowties for oversized Levi jeans, t-shirts, and untucked oxford shirts. Tucker commandeered a low-ceilinged room above the front porch with so many windows he had to hang up tapestries to keep out the sun. The tiny alcove had barely enough space for an eight-foot futon and several bookshelves Tucker built himself stacked with books he collected. Friends remember Tucker receiving an 8-by-10 manilla envelope that his father sent through the mail once or twice a month containing dozens of articles from newspapers and magazines.One of Tucker's friends, Cerveny, remembered stopping by Richard's home in Washington, D.C. and finding evidence of his hobbies, including the world's second largest collection of walking sticks."His house was filled with rare canes he collected from all over the world," Cerveny said. "The hallways had really amazing rows of canes hung on hooks that were specially made to mount these things on the house. One used to be a functional shotgun, another one was made out of a giraffe. His dad would pull out newspaper clippings of WWII Navy aircraft carriers. It changed the way I thought about a lot of things. I had never seen anything like that. Who collects canes?"During sophomore year, Tucker's friends decided to rush Delta Phi, a well-to-do fraternity also known as St. Elmo's. The Greek scene had a large presence on campus — about 20 percent of men joined them even though Trinity was a liberal arts school — and St. Elmo's had a reputation as freewheeling scamps. Once a year, a St. Elmo's brother would ride his motorcycle naked through the campus cafeteria. (Faculty voted in 1992 to abolish Greek life saying they were sexist and racist, and school administrators instead forced fraternities to become co-ed.)But Tucker refused to come aboard. Some classmates thought it was because he didn't want to be hazed."Tucker was not a joiner like that," Mahlon Stewart said. "He wouldn't have set himself up for whatever humiliation would have been involved. He would not have put up with that." But Cerveny, who pledged the fraternity, said it was a matter of faith."I remember explicitly him saying 'Look, I want to focus on what my faith is about and I thought this would be a big distraction,'" Cerveny said. "But he was very much in the mix with us. When we moved to a fraternity house [on Broad Street], we asked him to live with us."Tucker occasionally dropped in on his friends' fraternity events and occasionally brought Susie when she visited or Buckley when he drifted into town. Other times they hung out at Baker's Cafe on New Britain Avenue. Mostly Tucker stayed in his room."He was basically a hermit. It wasn't like he was going to a ton of parties" one Trinity St. Elmo's brother said. "He was not a part of the organizational effort of throwing big parties, or encouraging me to join the fraternity." Susie, who didn't drink or smoke, was a moderating influence. "Tucker and Susie had their moral compass pointing north even back then," Sterne said. "Tucker's faith was not something he was focused on in his early years but when he met Susie and he became close to her family, that started to blossom and grow in him. Now it's a huge part of his life."By the time his crew moved to another house on Broad Street, they each acquired vintage motorcycles and tinkered with them in their garage. Tucker owned a 1968 flathead Harley Davidson that barely ran and relied on a red Jeep 4X4 to transport friends around town (the Volkswagen van he had freshman year blew up). He smoked Camel unfiltered cigarettes, sipped bourbon, and occasionally brewed beer in the basement, including a batch he named "Coal Porter," according to GQ.When he wasn't reading outside of his courses or tinkering with his carburetor, Tucker took classes in the humanities and ultimately majored in history. Tucker dabbled in other fields including Russian history, Jewish history, Women's Studies, and Religious Studies, sitting in the back of lecture halls with his friends. Ron Kiener, who taught an introductory level course in Judaism, recalled Tucker performing "poorly" but earning a credit. "He did not get a stellar grade from me," Kiener said. "Based on what he says now he surely didn't get very much out of my courses."But Leslie Desmangles, who led courses in Hinduism, Buddhism, and Myth, Rite, and Sacrament, said Tucker was engaged and likely did just enough to pass his courses even if he wasn't very studious or vocal in class discussions."He was interested in understanding the nature of religious belief and studying different cultures and religions but I'm not sure if he had an interest in diversity," Desmangles said. "He was genuinely interested in ritual since a lot of the Episcopal church is highly ritualistic."Tucker's fascination with religion extended to his extracurricular activities too. He and several friends joined Christian Fellowship, a Bible study group that met weekly and helped the school chaplain lead Sunday services. Some members even volunteered with ConnPIRG, a student advocacy group on hunger and environmental issues, and traveled to Washington D.C. to protest the Gulf War. But Tucker steered clear of campus activism. He spent his free time reading and seeing Blues Traveler, Widespread Panic, and Sting perform when they came through Connecticut. Sometimes he skipped school to follow his favorite band, the Grateful Dead, on tour.He took an interest in Central American politics too. At the end of freshman year, Tucker and Patel traveled to Nicaragua. "We did not have a place to stay or any set plans," Tucker told the Trinity Tripod, his college paper, in March 1990. "It was very spontaneous. We are both extremely political and we felt that getting to know the country and some of its citizens would give us a better perspective on the situation." In February 1990, Tucker returned with three friends to Managua for 10 days to observe Nicaragua's elections. The National Opposition Union's Violetta Chamoro, which was backed by the U.S. government, defeated the leftist Sandinista National Liberation Front Daniel Ortega who had been in power since 1979. A month later Tucker and his classmate Jennifer Barr, who was separately in Nicaragua to observe elections and distribute medical supplies to the Sandinistas, shared their perspectives about their visits to a small crowd at the Faculty Club for the school's Latin America Week. Tucker thought press coverage of the election was too left-leaning and criticized the media for skewing a conservative victory, according to Barr."I don't think it was necessarily true," Barr said. "He was dismissive [about my views]. I did get a sense that he believed in what he was saying, and it was very different from my experience and my understanding of the race."Tucker's stance on U.S. politics at the time was less didactic. As the 1992 presidential election loomed his senior year, Tucker touted the independent candidacy of Ross Perot, a Texas business magnate, to his friends although it did not appear that Tucker was an ardent supporter."Tucker would go on and on about how Ross Perot was the answer to this or that, as a joke, and every one would participate" one St. Elmo's brother said. "He liked the way Ross Perot was basically throwing a wrench into the system. He wasn't a serious Ross Perot proponent. He was cheering on somebody who was screwing up the system."In Tucker's college yearbook, below his tousle-haired, bowtie wearing thumbnail photo, was a list of his extra-curricular activities: "History; Christian Fellowship 1 2 3 4, Jesse Helms Foundation, Dan White Society." Neither of the latter two – named, respectively, after the ultra-conservative North Carolina Senator, and a San Francisco supervisor who assassinated Harvey Milk in 1978 – ever existed. Tucker admired Helms for being a "bull in the china shop" of Congress, one classmate said. Some friends believed Tucker slipped in the off-color references as a lark."It's like a joke you and a friend would put in a series of anagrams that only you and two friends would remember and no one else would," the St. Elmo's friend said. "It's so niche that only someone like Tucker is thinking things like that or would even know the name of the person who killed Harvey Milk. He paid attention to things like that."Others claimed Tucker was the victim of a prank."It would not at all surprise me if one of the other guys in the [fraternity] house filled it in for him, and not just an inside joke, but pegging him with something that he got grief for," another close friend said. Protesters rally against Fox News outside the Fox News headquarters at the News Corporation building, March 13, 2019 in New York City.Drew Angerer/Getty ImagesAn outsider among insidersBy the spring of 1991, Tucker's academic performance had caught up with him. He had accumulated a 1.9 grade point average and may have finished with a 2.1 GPA, according to one faculty member who viewed a copy of his transcript. Tucker would eventually graduate from Trinity a year late. Falling behind was not uncommon. About 80 percent of Trinity students completed their degrees in four years, according to Trinity College records. (A Trinity spokeswoman would not comment on Tucker's transcript due to FERPA laws, which protect student privacy.Tucker's post-collegiate plans fell through too. Tucker applied to the CIA that spring. The spy agency passed."He mentioned that he had applied and they rejected him because of his drug use," another college friend said, while declining to be named. "He was too honest on his application. I also probably should say I don't know whether he was telling the truth or not." Once the school year was over, Tucker and Neil Patel hit the road on a cross-country motorcycle ride. After that: Washington DC.  Tucker's family left Southern California for Georgetown after President Reagan named his father head of Voice of America. In June 1991, President George H.W. Bush appointed Richard ambassador to the Seychelles and the Carlson family upgraded to a nicer house in Georgetown with a pool in the basement. That summer, with Tucker's father and stepmother often out of town, the Carlson household was the center of Tucker's social lives, the place they retired to after a night drinking at Georgetown college dive bars like Charing Cross and Third Edition, and pubs like Martin's Tavern and The Tombs, immortalized in St. Elmo's Fire. In August, Tucker and Susie got married in St. George's chapel and held a reception at the Clambake Club of Newport, overlooking the Narragansett Bay. Back in Washington, Tucker's prep school, college, and his father's Washington-based networks began to mesh. Tucker took a $14,000-a-year job as an assistant editor and fact checker of Policy Review, a quarterly journal published at the time by the Heritage Foundation, the nation's leading conservative think tank. For the next three decades, Tucker thrived in the Beltway: He joined The Weekly Standard and wrote for several magazines before appearing on cable news networks as a right-of-center analyst and host at CNN, PBS, and MSNBC. His father embarked on a third career as a television executive where he ran the Corporation for Public Broadcasting and his brother became a political operative and a pollster. By the time Tucker reached the core of the conservative media sphere, a slot on Fox News's primetime opinion lineup, he shed friends from his youth who couldn't grapple with the hard-right turn he veered once he became the face of the network.One friend was not surprised with Tucker's act. In the spring of 2016, during the heat of Donald Trump's presidential campaign against Hilary Clinton and a few months before "Tucker Carlson Tonight" premiered on Fox, Tucker had lunch with his old prep school classmate Richard Wayner who made the speech about Eleanor Bumpurs all those years ago. Wayner believed Tucker's gesture from his pew was never serious. "As a 9th or 10th grader in a chapel full of people in a conversation, he was trying to get attention," Wayner said.The two stayed in touch over the years and Tucker at one point suggested he write a handful of pieces for the Daily Caller, the conservative news and opinion site that Tucker co-founded and ran in the 2010s. As they settled into their table at a Midtown Manhattan steakhouse, the two chatted about Wayner's experience on the board of St. George's (which Susie was about to join) and their respective careers. Tucker was floating around at Fox, and Wayner, now an investor and former Goldman Sachs investment banker, said the conversation drifted toward salaries."He was asking, 'How much do you make on Wall Street' and was like, 'Wow, Wall Street guys make a lot.'" Wayner said. When they left the restaurant and headed back toward the Fox News headquarters, several people recognized Tucker on the street even though he had jettisoned his trademark bowtie years ago. Wayner saw Tucker making the pragmatic decision to follow a business model that has made his conservative media counterparts a lot of money."I don't think he has a mission. I don't think he has a plan," Wayner said. "Where he is right now is about as great as whatever he thought he could be.""Tucker knows better. He does. He can get some attention, money, or both." he added. "To me, that's a shame. Because he knows better." Read the original article on Business Insider.....»»

Category: topSource: businessinsiderMay 5th, 2022

Russian oligarchs: Who they are, why they"re so wealthy, why they"ve been sanctioned, and how they"ve responded

Russia's oligarchs have seen their yachts, private jets, and luxury property detained under Western sanctions. Here's all you need to know about them. From left: Roman Abramovich, Vladimir Putin, Oleg Deripaska, and Alexei Mordashov.Alexander Hassenstein/UEFA/UEFA, Mikhail Svetlov, Sefa Karacan/Anadolu Agency via Getty Images Dozens of Russian oligarchs have been sanctioned by the West since Russia invaded Ukraine. They've since seen their luxury yachts detained, private jets impounded, and property seized. Here's an overview of who they are, how they've been affected, and how they've responded. Dozens of Russian oligarchs have been sanctioned by the West since Russian President Vladimir Putin began his invasion of Ukraine on February 24. They've since seen their luxury yachts detained, private jets impounded, property seized, and bank accounts frozen.Here's all you need to know about them.What is an oligarch?An oligarch is a member of an "oligarchy" — a small group of influential people that effectively controls a country. Individuals inside an oligarchy might hold top positions in business and politics, and they may be extremely wealthy.In the West, the word "oligarch" has come to be associated with wealthy Russian businesspeople. Most sanctioned Russian oligarchs are said to have close ties to Putin.Russian oligarchs sanctioned since the Ukraine invasion include the Chelsea Football Club owner Roman Abramovich, Rosneft CEO Igor Sechin, the Alfa-Bank cofounder Alexey Kuzmichev, and the EuroChem founder Andrey Melnichenko.Why are Russian oligarchs so wealthy?The fortunes of Russia's oligarchs usually stem from high-powered relationships in politics and business, Insider's Linette Lopez recently reported.Many, including Abramovich, benefited from the "perestroika" reforms to Russia's economy and political machine.In the 1990s, after the collapse of the Soviet Union, oligarchs amassed immense wealth and political influence as they bought industrial companies being sold off by the state. Abramovich, for example, bought the oil company Sibneft for about $250 million in 1995, in what was said to be a rigged auction. In 2005, he sold Sibneft back to the Kremlin-owned energy giant Gazprom for nearly $13 billion.When Putin came into power in 2000, he vowed to crack down on government corruption. Some oligarchs were exiled, but those friendly to Putin were able to climb the ranks.What are sanctions?The Council on Foreign Relations defines economic sanctions as the termination of trade or other financial relationships for foreign-policy or security reasons.In sanctioning Russia over its invasion of Ukraine, the West is using a three-pronged approach by targeting government, industry, and people.Why did the West sanction Russian oligarchs?Western officials say the oligarchs they've sanctioned enjoy close ties with Putin, which gives them considerable influence in Russia.The European Union, for example, said Abramovich had "privileged access" to Putin and that Alisher Usmanov had "particularly close ties" to the Kremlin and "actively supported" government policies to destabilize Ukraine.Abramovich has repeatedly denied the EU's assessment of his ties to Putin. Usmanov has said the sanctions are based on "false and defamatory allegations."It's unclear how much influence oligarchs can exert over the Kremlin. Mikhail Khodorkovsky, an exiled Russian oligarch and outspoken critic of the Kremlin, has said oligarchs are "just Putin's footmen" and "cannot influence him." He told CNN it was "pretty unlikely" that oligarchs would speak out against the invasion of Ukraine.Tom Keatinge, the director of financial-crime and security studies at the Royal United Services Institute, told CNN that sanctions on oligarchs were "frankly symbolic" and "definitely a PR exercise."How have sanctions affected Russian oligarchs?Some Russian oligarchs have had luxury assets seized and their bank accounts frozen. They've also been barred from conducting business in some countries and had their travel restricted, among other things.The sanctions have also had tangible effects on oligarchs' business interests and their day-to-day lives.Mikhail Fridman told the Spanish newspaper El País that he was "practically under house arrest" after being sanctioned and had to apply to the UK government to spend money. He also said his bank accounts, credit cards, and ATM cards had been blocked.Petr Aven told the Financial Times he was struggling to pay bills and wasn't sure if he'd be able to employ a driver or cleaner. He added that he didn't "understand how to survive" after being sanctioned.Fridman and Aven both stepped down from the board of LetterOne, an investment firm they cofounded, after being sanctioned. Since then, Aven said staffers at LetterOne were scared to meet with him. LetterOne employees were also told to ignore Fridman, the Financial Times reported.Severstal, the steel company owned by Alexei Mordashov, said it lost one-third of its sales a month after Mordashov was sanctioned because it could no longer sell its products to the EU.Which luxury assets are being seized and why?Western nations have detained billions of dollars' worth of superyachts linked to sanctioned Russian oligarchs. Experts told Insider that superyachts functioned as useful status symbols for oligarchs, while helping further their luxurious lifestyles.Yachts detained include a $120 million vessel linked to Sechin, two superyachts worth a combined $100 million linked to Kuzmichev, and the $578 million Sailing Yacht A, which is linked to Melnichenko.Other superyachts linked to sanctioned oligarchs continue to traverse the globe. A vessel with ties to Suleyman Kerimov, who has been sanctioned by the US, the UK, and the EU, set sail from Mexico in March and trekked for 18 days across the Pacific Ocean to Fiji.In late March, a $500 million superyacht returned to Russia from the Seychelles a month after Mordashov, said to be its owner, was sanctioned. Two superyachts linked to Abramovich, worth a combined $1 billion, were last seen in Turkey, which hasn't imposed sanctions.At least nine Russian-owned yachts have switched off their trackers since sanctions were imposed, seemingly to avoid being monitored.It's not just the oligarchs who are affected by the threat of yacht detentions: The crews on the vessels are also dealing with the fallout. Some have been fired, and some have had to deal with apparent vandalism. Crew members on one vessel were forced to catch and barbecue their own fish because local suppliers refused to serve and refuel the ship.How have oligarchs responded to sanctions?Some appear to have moved their yachts and private jets away from nations that might take them. Others seem to have shifted shareholdings to skirt sanctions.Some have stepped down from top executive roles. German Khan quit the board of the German oil company Wintershall Dea on March 15 after he was hit with EU sanctions. He also stepped down from LetterOne, along with two other billionaires, Kuzmichev and Andrei Kosogov, after Aven and Fridman left.Similarly, Mordashov stepped down as a director of both TUI, a Germany tour operator, and Nordgold, a gold-mining company. Mordashov has also recently moved a total of $2.6 billion worth of shares in these companies to a person believed to be his wife.The whereabouts of most of the sanctioned Russian oligarchs are unclear. But Abramovich was spotted in the VIP lounge of an Israeli airport in March on the same day a jet linked to him flew from Israel to Turkey, Flightradar24 data showed.Several oligarchs broke down in tears after their assets were frozen, a personal assistant to multiple oligarchs told the Daily Mirror.Who is Roman Abramovich, and why is he involved in peace talks?Abramovich, worth an estimated $13.9 billion, is Russia's most recognizable oligarch. Read Insider's profile of his rise from college dropout and Red Army conscript to rubber-duck trader, billionaire, and, ultimately, wartime peace envoy.The Wall Street Journal reported that in early March, Abramovich and some Ukrainian negotiators suffered symptoms from suspected poisoning after a meeting in Kyiv, Ukraine. The Kremlin dismissed the report, describing it as misinformation.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderApr 21st, 2022

Ferguson: The Fates Of Ukraine And Putin Turn On 7 Forces Of History

Ferguson: The Fates Of Ukraine And Putin Turn On 7 Forces Of History Authored by Niall Ferguson, op-ed via Bloomberg.com, Does Russia grind out victory? Can sanctions stop that? Might Putin go nuclear? Is China for war or peace? The past offers clues, but no certain answers. What makes history so hard to predict - the reason there is no neat “cycle” of history enabling us to prophesy the future - is that most disasters come out of left field. Unlike hurricanes and auto accidents, to which we can at least attach probabilities, the biggest disasters (pandemics and wars) follow power-law or random distributions. They belong in the realm of uncertainty, or what Nassim Nicholas Taleb, in his book “The Black Swan,” calls  “Extremistan.” They are like tsunamis, not tides. What’s more, as I argued in my book “Doom,” disasters don’t come in any predictable sequence. The most I can say is that we tend not to get the same disaster twice in succession. This time we’ve gone from plague to war. In 1918, it was from war to plague. The Hundred Years’ War began eight years before the Black Death struck England. Not everything in history is random, of course. The Russian invasion of Ukraine was not difficult to foresee at the beginning of this year. You just had to take Russian President Vladimir Putin both literally and seriously when he asserted that the Russian and Ukrainian peoples were one and that the possibility of Ukraine becoming a member of the North Atlantic Treaty Organization or the European Union was a red line; and to realize that Western threats of economic sanctions would not deter him. Now that the war is well into its second week, however, there are much more difficult predictions to make. It seems there are seven distinct historical processes at work and it’s not clear which is going fastest. All I can do is to apply history, as there is no model from political science or economics that can really help us here. 1. Do the Russians manage to take Kyiv in a matter of two, three, four weeks or never? I heard it argued the other day that the Russian invasion of Ukraine could become a “frozen conflict.” I think it looks a lot more like the opening hot conflict of Cold War II, and one that will be decided quite swiftly. There’s reason to think this is turning into Putin’s version of Stalin’s Winter War against Finland in November 1939, when the Red Army ran into much stiffer resistance than it had expected from the Finns. (It was the Finns who invented the Molotov Cocktail, named after Soviet Foreign Minister Vyacheslav Molotov.) The difference is that Stalin was able to order in a second, larger wave of Soviet troops in February 1940, forcing the Finns to accept his punitive terms, including the cession of 9% of Finland’s prewar territory. Putin does not have as much manpower and hardware at his disposal. At least one military analyst I respect said late last week that the Russian invasion force has around two weeks left before serious logistical and supply problems force Putin seriously to the negotiating table. I hope that is true. The now famous 40-mile-long stalled convoy between Prybisk and Kyiv is Exhibit A that the war has not proved to be the Blitzkrieg that Putin apparently expected. On the other hand, Western media seem over-eager to cover news of Russian reverses, and insufficiently attentive to the harsh fact that the invaders continue to advance on more than one front. Nor is there sufficient recognition that the Russian generals quickly realized their Plan A had failed, switching to a Plan B of massive bombardment of key cities, a playbook familiar from earlier Russian wars in Chechnya and Syria. A week may be a long time in politics, as British Prime Minister Harold Wilson said. It is a short time in war. A better analogy than the Winter War with Finland may be the Soviet invasion of Afghanistan that began in December 1979. The reason that developed into such a protracted disaster for the Red Army was that the Afghan mujahideen were so well supplied with American arms. Today, too, the Ukrainians are receiving significant amounts of hardware (Stinger anti-aircraft missiles, Javelin antitank weapons, Turkish TB2 drones), much of it now coming across the border from Poland. Ukraine is also receiving vital private-sector assistance, notably the delivery of Starlink internet terminals, which are helping maintain communications despite Russian attacks on television towers (not to mention morale-boosting support from Starlink Inc. founder Elon Musk himself). What I cannot tell is whether or not these weapons and other equipment will suffice to sustain Ukrainian resistance over the coming weeks. Clearly, the Ukrainians are doing real damage to Russian infantry and armor and shooting down an impressive number of low-flying helicopters and planes. They will certainly be able to make any Russian advance into central Kyiv very costly to the invaders. But the Ukrainians have no real answers to higher-altitude bombardment and missile attacks. The fate of an independent Ukraine will be decided in the coming weeks or days. If cities continue to fall to the Russians, as Kherson has and Mariupol may, we may look back and say that Western arms shipments to President Volodymyr Zelenskiy’s government were too little, too late. 2. Do the sanctions precipitate such a severe economic contraction in Russia that Putin cannot achieve victory? I have heard it said that the breadth and depth of the sanctions imposed on Russia make them unprecedented. I disagree. The way in which the U.S. and the European Union have severed financial ties with Russia, even seizing those parts of the reserves of the Russian central bank that are held abroad, recalls but does not quite match the sanctions that Britain and its allies imposed on Germany at the outbreak of World War I. We should remember that those measures did not defeat Germany, however, because — like Russia today — it had the resources to be self-sufficient, though the sanctions may have made a German victory less likely by increasing the hardships of the war at home. Then, as now, it was possible for an increasingly authoritarian government to impose economic controls and divert resources away from civilian consumption to the war effort, while blaming the resulting deprivation on the enemy. The Allied “hunger blockade” was a potent theme for German wartime propaganda. Economic warfare between 1914 and 1918 was not a substitute for sending British armies to fight on the European continent, just as it had not been in the Napoleonic Wars against France. It is especially hard to wage purely economic warfare on a vast and resource-rich country such as Russia. After 1928, Stalin imposed autarky on the Soviet Union. Putin has had it imposed on him by the West. But no one should forget that self-sufficiency is possible for Russia, albeit at the price of severe austerity, whether it is a choice or a consequence of war. It seems clear that Western sanctions will get tougher with every passing week of destruction of Ukrainian cities and killing of Ukrainian civilians. We are already heading for sanctions on Russian energy exports, beginning with a ban on importing Russian oil by the U.S. and U.K. (the Europeans are hesitating). On the other hand, China is able to help Russia in ways that could mitigate the economic shock, just as for years it has helped Iran to circumvent U.S. sanctions by buying its oil. To my eyes, the most striking feature of the sanctions against Russia is the way that Western corporations have gone well beyond the letter of government requirements. No one ordered the big U.S. technology companies to turn off or restrict most of their services in Russia, but they did so. Unlike Soviet citizens, who were accustomed to a state monopoly on communications, today’s Russians have come to rely as much as we do on Big Tech. Being cut off from the metaverse may prove a more psychologically painful deprivation than shortages of imported foods. Russia’s economy now faces as severe a blow as it suffered in the early 1990s, when the Soviet Union fell apart and the planned economy collapsed. It is teetering on the brink of a financial crisis that will see bank runs, soaring inflation and default on at least some sovereign debt. But even a 35% quarterly decline in gross domestic product does not condemn a country to military defeat if its planes can still fly and its tanks still fire rounds. 3. Does the combination of military and economic crisis precipitate a palace coup against Putin? Modern Russia has seen three popular revolutions (1905, 1917 and 1991). There have been assassinations — for example, Tsar Alexander II in 1881 and Lenin, whose life was shortened by an attempt in 1918 — and palace coups, such as the ones that put Nikita Khrushchev in power in 1953 and removed him in 1964. But most Russian rulers die of natural causes — even Stalin, though there was no great rush to get him medical assistance when he suffered a cerebral hemorrhage. President Boris Yeltsin surprised everyone by resigning on New Year’s Eve, 1999, without duress. Could Putin fall from power, a victim of his own hubris in underestimating Ukrainian courage and Western economic might? It is possible. But I would not bet the fate of Ukraine on Russian internal politics. For one thing, the repressive apparatus of Russian state security seems to be in full working order. Those in Russia who courageously protest the war are being arrested and harassed in the usual fashion. For another, I can imagine few riskier actions for a member of the Russian economic elite than to intimate to one of his peers even the faintest interest in overthrowing Putin. On the other hand, it was obvious even during the somewhat farcical broadcast of the Russian Security Council meeting two weeks ago that not everyone inside the Kremlin was wholly comfortable with Putin’s invasion plan. More plausible than a popular revolt or an oligarchs’ mutiny is a palace coup led by one or more of Russia’s security service chiefs. The people with the power to arrest Putin are the people he counts on to execute his arrest orders: Nikolai Patrushev, the head of the Security Council and, like Putin, a long-serving KGB officer; Sergei Naryshkin, the head of foreign intelligence; and Alexander Bortnikov, who heads the Federal Security Service, the successor to the KGB. 4. Does the risk of downfall lead Putin to desperate measures (carrying out his nuclear threat)?  The most dangerous aspect of the war in Ukraine is obvious: Russia, though in many ways diminished, is still the heir of the Soviet Union as a nuclear-armed power — unlike Ukraine, which gave up its Soviet nukes in return for a security guarantee (the Budapest Memorandum of 1994) that proved worthless. Putin has understood from the outset that his ace is to threaten to use nuclear weapons. Even before launching his invasion, he warned that “anyone who tries to interfere with us … must know that Russia’s response will be immediate and will lead you to such consequences as you have never before experienced in your history.” Russia, he added, remains “one of the most powerful nuclear powers” with “certain advantages in a number of the latest types of weapons” and that “no one should have any doubt that a direct attack on Russia will lead to defeat and dire consequences for a potential aggressor.” After the war was underway, he put Russian nuclear forces on a “special regime of combat duty” — in other words, high alert. If Putin’s goal was to deter members of NATO from offering direct military assistance to Ukraine, it seemed to have some effect. An idea for Poland and others to lend fighter jets to Kyiv was briefly floated by the EU’s high representative for foreign affairs and security policy, Josep Borrell, and then melted away, although U.S. Secretary of State Antony Blinken is trying to revive it, and the Poles appear to think they are swapping their Soviet-era MiG-29 jets for U.S. planes, presumably so the MiGs can go to Ukraine. There has also been media discussion of a NATO “no-fly zone” over Ukraine, which the Ukrainian government keeps asking for, but which would surely be seized on by Putin as an act of war. Fortunately, no one in a position of responsibility has endorsed the idea. Yet it cannot be right that a threat to use nuclear weapons goes unanswered. In the Cold War, both sides used nuclear alerts to intimidate one another. The reason no nuclear war occurred — though it came close on more than one occasion, notably in the Cuban Missile Crisis in 1962 and the Able Archer false alarm of 1983 — was that each side believed the other capable of going nuclear and no one could be sure that a limited nuclear war, of the sort envisaged by Henry Kissinger in 1957, would not escalate into Armageddon. At 11:41 p.m. on October 24, 1973, at the height of the Yom Kippur War, Kissinger and the other key members of President Richard Nixon’s national security team agreed to raise the U.S. alert level to Defcon 3 — the highest level of peacetime readiness for war — to ensure that the Soviet Union did not send troops to support the Arab states that had attacked Israel but were now losing badly. At the same time, they ordered major movements of U.S. military assets, to ensure the Soviets got the message. The Soviet documents reveal a Politburo wrong-footed, just as Kissinger had intended. None of the Soviet leaders, not even the drug-addled Leonid Brezhnev — who, like Nixon, was asleep during the hours of maximum danger — was ready to blow up the world to save Egypt and Syria from defeat. As the future Soviet leader (then KGB chief) Yuri Andropov put it: “We shall not unleash the Third World War.” Today, however, the boot is on the other foot. Not only is Putin intimidating NATO; he may have achieved something more, namely a tacit admission by the Biden administration that it would not necessarily retaliate with nuclear weapons if Russia used them. The failure of the administration to signal that it would retaliate is of a piece with last year’s reports that Biden’s national security team was considering ruling out first use of nuclear weapons in its new national military strategy. Nuclear missiles cease to be a deterrent if one side is unwilling to use them. Putin is probably bluffing. What would he strike with a tactical nuclear weapon? If it’s a Ukrainian city, particularly Kyiv, he surely destroys his own spurious claim that he is fighting to preserve the historic unity of the Russian and Ukrainian peoples. Russian casualties are being caused by Ukrainians using arms supplied by multiple NATO countries, including the U.S. and Turkey, but they are mostly crossing into Ukraine from Poland. Might Putin therefore strike a target in eastern Poland — Lublin, say, or Przemysl? It cannot be completely ruled out. And he is surely more likely to do so if believes the U.S. would not immediately retaliate in kind against a Russian target. A key lesson of this entire crisis has been that indications of weakness on the U.S. side, which I discussed here last week, have emboldened Putin. 5. Do the Chinese keep Putin afloat but on the condition that he agrees to a compromise peace that they offer to broker? Let no one have any illusions. Putin’s war would not have gone ahead without a green light from the Chinese leader, Xi Jinping, who was able to specify that the Russians wait until the Beijing Winter Olympics were over. The Chinese now have the option to assist Russia economically. The question is whether this leverage would give Xi the role of intermediary played by Theodore Roosevelt in 1905, when it was Japan that Russia was fighting. We know from a number of reports that Chinese peace-making is a possibility. On Tuesday it was reported that China, France and Germany were “coordinating to end the conflict.” We can assume that the messiness of the war is not pleasing the leadership of the Chinese Communist Party, who have their hands full with Covid (remember that?), a slowing economy and their upcoming Party Congress, and wanted a quiet world in 2022. On the other hand, we should not underestimate the closeness of the Xi-Putin relationship and the extent to which Xi’s preference must be for a Russian victory, given his own ambitions to bring Taiwan under Beijing’s control. My guess is that the Chinese make no serious diplomatic move until they are convinced Putin’s invasion is thoroughly bogged down in Ukraine’s spring mud. 6. Does the West’s attention deficit disorder kick in before any of this? All over the democratic world, people are learning the words “Slava Ukraini!” — Glory to Ukraine! — donning blue-and-yellow garments, participating in pro-Ukrainian demonstrations. True, the U.S. public generally has about three weeks of attention for any overseas calamity (see the temporary wave of outrage that followed the abandonment of Afghanistan last year). Yet the response to the invasion of Ukraine seems bigger and more likely to endure. Remarkably, one U.S. legislator told me last week that he “couldn’t recall an issue more obsessively followed and more unifying among” his constituents. We may speculate as to why this is, but a significant part of the explanation is surely the skillful way in which Zelenskiy has used television and social media to win the world’s sympathies. Most Americans also recognize a war of independence when they see one. I am reminded of the way the British public in the 19th century would periodically embrace an ethnic group fighting for its freedom. The Greeks in the 1820s, the Poles in the 1830s, the Germans and Italians in the 1840s, the Bulgarians in the 1870s — all these causes aroused passionate support in Britain, and equally passionate condemnation of the despotic empires of the Ottomans, Romanovs and Habsburgs.   However, spasms of moral outrage tend to contribute very little of practical use to those intent on building nation-states. That was Prussian Prime Minister Otto von Bismarck’s point in 1862, when he declared: “Not through speeches and majority decisions will the great questions of the day be decided … but by iron and blood.” The only real significance of Western public outrage at Putin’s actions is the political pressure it exerts on Biden and other leaders to take a tougher line with Russia. 7. What is the collateral damage? The problem for Biden — and it will soon be a problem for his European counterparts, too — is the economic damage this war will cause. Inflation expectations had already shifted upward sharply as a result of the excessive fiscal and monetary stimulus administered early last year in the form of the American Rescue Plan and the Federal Reserve’s continued asset purchases. History shows that wars (much more than pandemics) are the most common cause of jumps in inflation. The best-known recent illustration is the way wars in 1973 (Yom Kippur) and 1979 (Iran-Iraq) contributed to the great inflation of the Seventies, but there are many other examples. True, the price of oil is a much smaller component of economic activity and consumer inflation indices today than 50 years ago. But it would be naive to imagine that, with inflation already at its highest level since 1982, the additional shock of war and rapidly escalating sanctions won’t pour kerosene on the barbecue. Even if the Russians fail to scupper the scramble to resuscitate the Iran nuclear agreement, the return of Iranian oil to the world market is unlikely to offset the shock of Western sanctions on Russia. What’s more, these price spikes are not confined to oil and gas but involve a host of other commodities. The prospect of this year’s Ukrainian grain harvest being disrupted means a significant surge in food prices, with all kinds of consequences, especially in developing countries. Nor can we ignore the risks that may be lurking within the international financial system. A great many institutions blithely ignored the approach of war and have been left holding large quantities of Russian assets that have plunged in value. Losses on this scale — and with more to come if the Russian state defaults on some of its debt — almost always have repercussions. The Russian default on local-currency bonds in 1998 was an important element in the Long-Term Capital Management blowup that year. Add these seven imponderables together and you see how profoundly important the next few weeks will be. This is the first big crisis of Cold War II, which is in many ways like a mirror image of Cold War I, with China the senior partner, Russia the junior, and a hot war in Eastern Europe rather than East Asia (it was Korea’s turn in 1950). I do not know how the crisis will turn out, but I do know it will have profound consequences for the course of the superpower contest. If the invasion of Ukraine ends in disaster for the heroic defenders of Kyiv and their comrades, another disaster may well follow — and it could occur as far away as Taiwan. Conversely, if there is justice in the world and the disaster befalls the architect of this war, that too will give birth to some fresh and unforeseeable event. For any victory for democracy in Ukraine is likely to prove ephemeral if its consequence is a new Time of Troubles in Russia, echoing the 17th-century fight over the tsar’s crown. A tsunami of war has struck Ukraine. Whether the Russian tide flows or ebbs in the coming weeks will do much to determine the course of world history for the rest of our lives. Tyler Durden Fri, 03/11/2022 - 16:20.....»»

Category: worldSource: nytMar 11th, 2022

See inside this 105,000-square-foot Los Angeles megamansion that could go up for auction for $250 million next month

The 105,000-square-foot Los Angeles mansion, called The One Bel Air, reportedly has 21 bedrooms, 42 bathrooms, a 10,000-bottle wine cellar, and more. An aerial view of "The One Bel Air", a 105,000-square-foot mansion with a sky deck and putting green, night club, several swimming pools, a 50-seat theater, a four-lane bowling alley and more by Nile Niami of Skyline Development and designed by Paul McClean (McClean Design). The One is shown by court-appointed receiver Ted Lanes, who now controls the property and is in charge of finding a buyer and paying off the lenders and other creditors, gives a tour of The One, the 105,000 square foot house on sale in Bel Air. This is apparently the largest home for sale in the United States. The developer Nial Niami "listed" it for $500 million but got into financial trouble and was foreclosed upon by Don Hankey. Photo taken in Bel Air on Wednesday, Sept. 8, 2021 in Beverly Hills, CA. (Allen J. Schaben / Los Angeles Times via Getty Images)Allen J. Schaben / Los Angeles Times via Getty Images The One Bel Air is a 105,000-square-foot megamansion said to be the biggest modern home in the US. It was once marketed for $500 million but could be up for auction for $250 million next month, the LA Times reports. It reportedly has 21 bedrooms, 42 bathrooms, a 10,000-bottle wine cellar, a nightclub, and more. See more stories on Insider's business page. A sprawling Los Angeles megamansion believed to be the biggest modern home in the US could be yours next month for the cool price of $250 million.Known as The One Bel Air, the property, which is still under construction, comes from film producer-turned-real estate developer Nile Niami, who initially hoped to sell it for a whopping $500 million, which would have made it one of the most expensive homes in the world.In recent weeks, however, Niami's company, Crestlloyd, announced it may put the megamansion up for auction starting at $250 million in January, according to The Los Angeles Times.It comes with 21 bedrooms and 42 bathrooms, according to Architectural Digest. It also boasts amenities like a 10,000-bottle wine cellar, a 50-car garage, 50-person movie theater, nightclub, cigar room, sky deck, putting green, salon, bowling alley, and more, according to the LA Times.Here's a look inside the enormous mansion: At 105,000 square feet, the mansion is believed to be the biggest modern home in the US, according to the Los Angeles Times.Allen J. Schaben / Los Angeles Times via Getty ImagesIt's called The One Bel Air and boasts 21 bedrooms and 42 bathrooms, according to Architectural Digest.Allen J. Schaben / Los Angeles Times via Getty ImagesIts developer, Nile Niami, initially hoped to sell it for $500 million.Allen J. Schaben / Los Angeles Times via Getty ImagesIn the mansion's sprawling yard, you'll find a sculpture from Italian glass maker Simone Cenedese.Allen J. Schaben / Los Angeles Times via Getty ImagesHere's the main entrance to the property.Allen J. Schaben / Los Angeles Times via Getty ImagesInside, the mansion's foyer has a rotating sculpture and floor-to-ceiling windows.Allen J. Schaben / Los Angeles Times via Getty ImagesIn the dining room, you'll find a 10,000-bottle wine cellar.Allen J. Schaben / Los Angeles Times via Getty ImagesThere's plenty of space to lounge around in the family living room.Allen J. Schaben / Los Angeles Times via Getty ImagesFor some pampering, there's a hair and beauty salon.Allen J. Schaben / Los Angeles Times via Getty ImagesThe salon seems to be one of the more vibrantly colored rooms in the mansion, with glossy red walls.Allen J. Schaben / Los Angeles Times via Getty ImagesThe mansion also boasts an entertainment room with its own bar.Allen J. Schaben / Los Angeles Times via Getty ImagesNext to the entertainment room, there's a private bowling alley.Allen J. Schaben / Los Angeles Times via Getty ImagesIt has four lanes, several shelves of bowling shoes at the ready, and bowling balls oddly evocative of Trix cereal.Allen J. Schaben / Los Angeles Times via Getty ImagesFor even more active recreation, the property's future residents can take advantage of the mansion's private nightclub.Allen J. Schaben / Los Angeles Times via Getty ImagesOr, for less active leisure, there's a private 50-seat movie theater.Allen J. Schaben / Los Angeles Times via Getty ImagesThe One's 4,000-square-foot master bedroom has a walk-in closet with plenty of space for clothes, shoes, and accessories.Allen J. Schaben / Los Angeles Times via Getty ImagesThe mansion's future owners will find room for plenty of books in their private library, which has its own balcony.Allen J. Schaben / Los Angeles Times via Getty ImagesMultiple swimming pools dot the property.Allen J. Schaben / Los Angeles Times via Getty ImagesThere's this one indoors, in a room with a living wall and a mirror on the ceiling...Allen J. Schaben / Los Angeles Times via Getty Images...and these two outdoors, one of which is on the rooftop of a 4,000-square-foot bedroom...Allen J. Schaben / Los Angeles Times via Getty Images...while the other is above the private nightclub.Allen J. Schaben / Los Angeles Times via Getty ImagesAnother pool functions as a floating lounge.Allen J. Schaben / Los Angeles Times via Getty ImagesThough the home was built in the last decade, it has taken a cue from the construction of centuries past with its moat surrounding the entire property.Allen J. Schaben / Los Angeles Times via Getty ImagesVisitors to the mansion can have the guest house to themselves.Allen J. Schaben / Los Angeles Times via Getty ImagesThe guest house also has floor-to-ceiling windows...Allen J. Schaben / Los Angeles Times via Getty Images...and three bedrooms on its own.An interior view of three-bedroom guest house at The One Bel Air, a 105,000-square-foot mansion with a sky deck and putting green, night club, several swimming pools, a 50-seat theater, a four-lane bowling alley and more by Nile Niami of Skyline Development and designed by Paul McClean (McClean Design). The One is shown by court-appointed receiver Ted Lanes, who now controls the property and is in charge of finding a buyer and paying off the lenders and other creditors, gives a tour of The One, the 105,000 square foot house on sale in Bel Air. This is apparently the largest home for sale in the United States. The developer Nial Niami "listed" it for $500 million but got into financial trouble and was foreclosed upon by Don Hankey. Photo taken in Bel Air on Wednesday, Sept. 8, 2021 in Beverly Hills, CA. (Allen J. Schaben / Los Angeles Times via Getty Images)Allen J. Schaben / Los Angeles Times via Getty ImagesLawrence Perkins, manager at Niami's Crestlloyd, has said the company is still "going back and forth" over the listing price but that it's expected to be around $250 million, according to the LA Times.Allen J. Schaben / Los Angeles Times via Getty Images"Our goal is to run a thoughtful sale process to maximize the value from the small group of people in the world that can buy a property like this," Perkins said.Allen J. Schaben / Los Angeles Times via Getty ImagesRead the original article on Business Insider.....»»

Category: dealsSource: nytDec 27th, 2021

US Futures Hit All Time High As Santa Rally Spreads Markets Cheer

US Futures Hit All Time High As Santa Rally Spreads Markets Cheer The Santa Claus rally is here, and stocks are set to make their 69th all-time high for 2021 when they open in 90 minutes. US index futures rose to fresh all time highs despite amid thin, holiday-muted trading and a mood of caution as traders evaluated spiking coronavirus cases as investors monitored progress on the Biden administration’s economic stimulus and social spending plan after president-in-waiting Kamala Harris said neither her nor Joe Biden are giving up on the bill. Futures on the S&P 500 and the Nasdaq 100 futures both climbed 0.3% at 745 a.m. in New York, the former trading at all time highs of 4,733. The dollar strengthened, 10-year U.S. Treasury yields were little changed while crude oil and gold dipped. A dollar gauge ticked up. In overnight news, Kamala Harris said the Biden administration is seeking a path forward for its “Build Back Better” economic stimulus. Elsewhere, US holiday sales jumped 8.5% from last year as consumers spent more money on clothes, jewelry and electronics, a report from Mastercard SpendingPulse showed. Still, in U.S. premarket trading, U.S. travel stocks retreated, led by United Airlines Holdings Inc., after hundreds of flights were canceled over Christmas due to a spike in Covid-19 cases. Here are some of the more notable premarket movers: United Airlines Holdings (UAL US) -2.9%, Delta Air Lines (DAL US) -2% and American Airlines (AAL US) -2.1%. Velo3D (VLD US) rose in afterhours trading Thursday after announcing delivery of its first Sapphire XC to an aerospace customer. Surgalign Holdings (SRGA US) dropped in postmarket after filing for the potential sale of equity and debt securities. In the latest covid developments, Anthony Fauci, one of the top U.S. medical advisers, said Americans should stay vigilant because omicron cases can still overwhelm hospitals even if evidence suggests the strain’s symptoms may be less severe. That said, the predominant thread was one of lack of trading as most desks have closed for the year: for markets overall, “either the headline reel will spur ugly intraday moves on holiday-thinned liquidity, or volatility will remain so flatline, that if it were an ECG, the doctors and nurses would be yelling code blue,” Jeffrey Halley, a senior market analyst at Oanda, wrote in a note. In Europe, stocks edged up amid thinner trading volumes as investors monitored the surge in Covid-19 cases. Over the weekend, China’s central bank pledged greater economic support over the weekend, contrasting with steps by the Federal Reserve and other central banks to fight inflation by cutting stimulus. The outlook for monetary policy, Covid and company earnings are shaping views on whether global stocks can keep rising after nearly doubling from pandemic lows. Asian stocks slipped in thin trading ahead of the year-end holidays as investors weighed the latest developments in virus cases related to the omicron variant.  The MSCI Asia Pacific Index swung between a loss of 0.2% and a gain of less than 0.1%. Hardware technology giants provided the biggest support to the measure as chipmakers advanced, while industrial names and software companies fell. Coronavirus cases surged across the globe, with China reporting over the weekend the highest number of local cases since January. Singapore plans to make vaccination a condition for the approval of new applications for and renewal of existing long-term passes, work passes, and permanent residences starting Feb. 1. “While there is worry that infections will continue to spread, the sense is that it’s not likely to develop into serious cases or trigger another series of lockdowns,” said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management. “I still see room for share price gains during the few trading days left this year.”  The Asian stock benchmark rose 0.4% last week, with sentiment boosted by positive U.S. economic-growth data and a U.K. study suggesting omicron infections are less likely to lead to hospitalization.   Benchmarks in South Korea and Japan were among the worst performers in the region for the day, while Malaysian and Philippine stocks outperformed. Markets in Australia, New Zealand and Hong Kong are shut for the holidays. India’s benchmark equity index advanced, overcoming a weak start to the session, boosted by gains in Tech Mahindra Ltd.  The S&P BSE Sensex rose 0.5% to 57,420.24 in Mumbai, reversing losses of as much as 1%. The NSE Nifty 50 Index also climbed by a similar measure. Sixteen of the 19 sector sub-indexes compiled by BSE Ltd. gained, led by a gauge of healthcare companies. Tech Mahindra Ltd. rose 3.6% and was the best performer on both key indexes. Out of 30 shares in the Sensex index, 24 rose and 6 fell. Private sector lender RBL Bank Ltd. dropped 18.5% after a decision by the nation’s central bank to appoint a new director to the board raised concerns about the outlook for the small private-sector lender. India also announced a program to vaccinate teenagers from the ages of 15 to 18 starting next year and booster doses for health-care workers as omicron-fueled Covid-19 cases spike. The announcement was made by Prime Minister Narendra Modi over the weekend. Still, several states have imposed night curfews and restrictions on public gatherings to keep a check on the spread of the new variant.  “Markets are facing pressure on every rise and it would only subside if the cases tally remains under control,” Ajit Mishra, vice president of research at Religare Broking Ltd. wrote in a note. “We recommend keeping a check on leveraged positions amid volatility and letting the markets stabilize.” In FX, the Bloomberg Dollar Index rose as much as 0.2%, rebounding from its lowest level in more than a month; the New Zealand dollar and the Norwegian krone led declines among G-10 peers. The pound outperformed peers following a report that Chancellor of the Exchequer Rishi Sunak plans to cut tens of thousands of jobs within the U.K. civil service to save government budgets 5% over the next three years. Turkey’s lira snapped a five-day rally, challenging government assurances that it’s on a more stable footing after measures were introduced a week ago to stem its collapse. In rates, 10- year Treasury yields dipped 1bp to 1.49% after rising nine basis points last week. Treasuries were mixed with short-maturity yields higher on the day as the final week of the year begins, ahead of $56b 2-year note auction at 1pm ET. Amid expectations that Fed will start raising interest rates next year, last month’s 2-year auction tailed by more than 1bp. Yields are higher by 1bp-2bp in 2- to 5-year sectors with longer-maturity tenors little changed, flattening curve spreads slightly; 10-year at 1.494% is inside last week’s range. WI 2-year yield at ~0.76% exceeds auction stops since February 2020; last month’s drew 0.623%. The auction cycle includes $57b 5-year note Tuesday, $56b 7-year Wednesday. Expected data include the Dallas Fed Manufacturing Outlook survey. No major earnings or central bank events are scheduled. Market Snapshot S&P 500 futures up 0.2% to 4,724.50 STOXX Europe 600 up 0.3% German 10Y yield up 2 bps to -0.23% Euro little changed at $1.1310 MXAP down 0.2% to 191.83 MXAPJ little changed at 624.02 Nikkei down 0.4% to 28,676.46 Topix down 0.4% to 1,977.90 Hang Seng Index up 0.1% to 23,223.76 Shanghai Composite little changed at 3,615.97 Sensex up 0.5% to 57,433.95 Australia S&P/ASX 200 up 0.4% to 7,420.30 Kospi down 0.4% to 2,999.55 Brent futures little changed at $76.06/bbl Gold spot down 0.3% to $1,805.61 U.S. Dollar Index up 0.2% to 96.22 Top Overnight News from Bloomberg The Biden administration is seeking a path forward for its “Build Back Better” economic stimulus and social spending plan, Vice President Kamala Harris said Sunday Coronavirus infections surged across the globe with China reporting the highest number of local cases since January, darkening the year-end holiday period China’s central bank pledged greater support for the economy on Saturday and said it will make monetary policy more forward-looking and targeted US Event Calendar 10:30am: U.S. Dallas Fed Manf. Activity, Dec., est. 13.0, prior 11.8     Tyler Durden Mon, 12/27/2021 - 08:07.....»»

Category: blogSource: zerohedgeDec 27th, 2021