headlines...by halloapp

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11-20-2023

TECH

• Microsoft has hired Sam Altman, former CEO of OpenAI, to lead a new advanced AI research team. Altman was recently dismissed from OpenAI, but Microsoft sees his talent as valuable.

• Optus CEO Kelly Bayer Rosmarin has resigned after a 14-hour nationwide network outage, leaving half of Australia without phone or internet.

• Chinese electronics company Xiaomi surpassed analysts’ estimates with a net profit of 4.87 billion yuan ($675.3 million) in Q3, driven by strong smartphone sales.

• Major advertisers suspend ads on Elon Musk’s social media platform X after he endorses antisemitic conspiracy theories, causing backlash.

• Amazon plans to launch the ”AI Ready” program to train two million people in AI skills by 2025, aiming to address the shortage of skilled workers and compete with Microsoft and Google.

MEDIA

• Shakira has reached a settlement to avoid a tax fraud trial in Barcelona by paying €14.5 million in fines.

• Donald Trump’s legal team will argue in court over a gag order that prevents him from criticizing witnesses in his election interference case.

• Florida State won their 11th game of the season but lost starting quarterback Jordan Travis to a gruesome left leg injury.

• Bullish Global acquires CoinDesk, a crypto news website, from Digital Currency Group in an undisclosed all-cash deal.

• Red Bull’s Max Verstappen dominates the Las Vegas Grand Prix, winning his 18th race of the season and securing Red Bull’s 20th victory.

• Russell Brand has been interviewed by British police over allegations of sexual offenses made by multiple women. Investigation is ongoing.

CONSUMER

• Holiday shoppers are opting for cheaper duplicate versions of popular brands like Lululemon and Birkenstock, influenced by TikTok.

• Brands like Adidas and Walmart are using their waste as fuel in Cambodian brick factories, leading to worker health problems.

• Napoleon’s hat, worn by him during his reign, sold for a record-breaking $2.1 million at an auction in Paris.

REAL ESTATE

• Blackstone is the frontrunner to acquire a $17 billion portfolio of commercial-property loans from Signature Bank’s debt sale by the FDIC.

• Refinance rates for 30-year fixed mortgages have increased to 7.82%, while average rates for 30-year fixed mortgages have fallen to 7.82% from 8.05%. Mortgage interest rates have fallen across the board.

• The “Bring Chicago Home” proposal to raise funds for homeless services through a transfer tax increase faces criticism and comparisons to a similar measure in Los Angeles that slowed real estate sales. Critics worry about the potential impact on the already struggling real estate market.

• Paris hotel prices for the 2024 Olympics are expected to rise by 314%, reaching 699 euros per night in July. Illegal rentals will also face crackdown.

TRAVEL

• Holiday travelers can anticipate lower domestic flight prices, pricier hotel rates, and a rise in baby boomer and Gen X tourists.

ECONOMIC

• Far-right libertarian economist Javier Milei has won Argentina’s presidential election, promising radical economic reforms and the adoption of the U.S. dollar as the national currency.

• Asian shares start the week slowly as market valuations appear stretched due to already priced-in global policy easing for next year. The Nikkei 225 in Japan fell from a 33-year high, while Hong Kong stocks closed higher. Chinese stocks saw gains, and the overall sentiment in Asia-Pacific was mixed. Japanese stocks continue to rise, reaching highs not seen since 1990, driven by strong corporate profits and offshore demand. Wall Street’s positive performance also contributed to the rise in Asian stocks.

• The dollar weakens as attention turns to potential rate cuts by the Federal Reserve, while stocks remain steady. Investors await earnings reports and Fed minutes.

• The People’s Bank of China maintains benchmark lending rates at 3.45% and 4.2% to assess previous stimulus measures and a weaker yuan.

• Small-cap stocks rally may not be sustainable due to high debt costs and vulnerability to economic downturn. S&P index projected to decline over 10% in 2024. Recent S&P 500 rally may be unsustainable due to weak US economic data and stretched technical indicators. Stock market rally expected to continue as earnings recession ends and positive indicators for economic growth emerge. Strong Q3 earnings beat estimates, setting the stage for a year-end rally. Stock gains predicted as concerns over rising bond yields and economic downturn ease. Investors buying up smaller stocks in the US market, betting on a soft landing. Recent surge in beaten-down stocks, including tech shares, small caps, bank stocks, and cyclicals, fueled by optimism about controlled inflation and soft landing.

• Moody’s improved Italy’s credit outlook, causing Italian and Portuguese bonds to outperform and reducing bond risk. German borrowing costs increased.

• Arab and Muslim ministers visit Beijing to discuss ceasefire in Gaza, humanitarian aid, and China’s growing influence in the region.

CRYPTO

• Bitcoin and other cryptocurrencies are rallying due to optimism over the approval of exchange-traded funds (ETFs) and a shift in market sentiment. The potential arrival of Bitcoin ETFs is driving hype on Wall Street, with the potential to attract $100 billion in investments.

• Artprice’s Standardized Marketplace has started accepting Bitcoin and Ethereum as payment methods, highlighting the increasing use of cryptocurrencies in the art industry.

HEALTH

• The World Health Organization (WHO) has warned that Gaza’s largest hospital, Dar al-Shifa, is a “death zone” after being raided by Israeli forces. The hospital has just 25 staff left to care for 291 seriously ill patients. The Israeli army claims the hospital is being used as a Hamas command center. The WHO is calling for an immediate ceasefire.

• Former US First Lady Rosalynn Carter, known for her advocacy for mental health, has died at the age of 96.