When President-elect Donald Trump named South Carolina Governor Nikki Haley ambassador to the UN, he praised his former critic as "a proven dealmaker." In a statement, Trump said, "Governor Haley has a proven track record of bringing people together regardless of background or party affiliation to move critical policies forward for the betterment of her state and our country." Trump continued, "She is also a proven dealmaker, and we look to be making plenty of deals. She will be a great leader representing us on the world stage." Fast forward to this weekend's South Carolina GOP primary … [Read more...]
Archives for February 2024
Can Towns Have Too Many Car Washes?
There's a business boom happening in car washes, but some towns have had enough. Is there such a thing as too many? Bloomberg's Patrick Sisson reports: The town of Streetsboro, Ohio, just off the state’s famous turnpike, owes a not insignificant part of its identity to automobiles and the industries that support them. About 6.5 million cars drive by every year, and the local retail mix is dominated by motels, gas stations and various drive-through businesses. But in recent years, Mayor Glenn Broska has heard from a lot of constituents angry about one particular element of the autocentric … [Read more...]
Video: How AI Is Transforming Air-Traffic-Control Towers
Hidden in the base of Heathrow's control tower lies a development lab where high-definition cameras and machine learning algorithms are beginning to redefine how air traffic controllers operate and whether there needs to be a tower at all. WSJ's George Downs explores. Illustration: George Downs/The Wall Street Journal … [Read more...]
How Russian Arms Maker Avoids Western Sanctions
Takayuki Tanaka and Yusuke Hinata NikkaiAsia report that documents show a company in Shenzhen is being used to evade U.S. and U.K. sanctions. They write: A Russian arms maker is importing components for precision instruments made in Japan and Taiwan essential to tank production as Russia's invasion of Ukraine continues, Nikkei has learned. According to information obtained by Nikkei, a person connected to the government of Belarus, an ally of Russia, set up a company in China after February 2022, when the full-scale invasion began, and the Russian arms maker has continued to import parts … [Read more...]
The Arithmetic and Psychology of Stock Gains vs. Losses
With all the talk this week about stock market darlings, I thought it would be a good idea to talk about losses. Because losses can be temporary, just like gains, but losses tend to leave a scar. What’s amazing is how quickly losses are forgotten by investors, and the cycle repeats. Because, wait for it, “it’s different this time.” No, it’s not. Not to ruin your Friday, but emotionalism, greed, fear, and “hey, look how much that guy’s worth” have been around since the beginning of time. And it’s been shown by psychologists Daniel Kahneman and Amos Tversky that the pain from stock market … [Read more...]
Heat-Battery Can Cheaply Store Renewable Energy for Days
Amrith Ramkumar and Scott Patterson of The Wall Street Journal are reporting that batteries that store heat can replace fossil fuels for steelmaking and other industrial processes. They write: Industrial companies are searching for ways to make steel, cement and chemicals without burning fossil fuels. Some of the world’s biggest investors are betting a fast-developing battery that stores heat can solve the problem. BlackRock, Saudi Aramco and Rio Tinto headline a group of financiers pouring hundreds of millions of dollars into startups making heat batteries. Also called thermal … [Read more...]
Cellular Outage Caused by Coding Error on Network Expansion
Jillian Deutsch, Todd Shields, Jake Bleiberg, and Jennifer Jacobs of The Wall Street Journal report that the outage was triggered by work on a network expansion, not by a cyber attack. They write: AT&T Inc. said a widespread outage that took hours to resolve Thursday was caused by “an incorrect process” while expanding the wireless network. The software issue interrupted wireless service for hundreds of thousands of subscribers and prompted the FBI and US Department of Homeland Security to investigate the outage. “Based on our initial review, we believe that today’s outage was … [Read more...]
Don’t Get Capsized by Unbalanced Investments
Your Survival Guy’s been telling you for a while now how much overlap I’m seeing in mutual funds and ETF holdings. This has been good for performance, with the S&P 500 tech companies rowing the boat. But how long can that last? My concern is the overall investor exposure to just one sector without them even knowing it. Instead of being crowded to one side and risking capsizing, why not build a portfolio that’s not so overweighted in one sector? Balanced funds are good, but even they are forced to buy the big tech companies because of the size of their assets under management. They … [Read more...]
Houthi Rebels Dig In along the Red Sea
Sam Dagher and Mohammed Hatem at Bloomberg report that Iran-backed Houthis are preparing for a long battle with the U.S. in the Red Sea. They write: Houthi militants and their Iranian backers are preparing for a lengthy confrontation with the US and allies around the Red Sea regardless of how the Israel-Hamas war plays out. The Yemen-based group is shoring up military and defense capabilities to continue attacking ships around the vital waterway, according to several people with knowledge of the situation, who asked not to be identified discussing sensitive matters. Steps include … [Read more...]
America to Invest Billions to Protect Ports from Chinese Cyberattacks
Dustin Volz, Gordon Lubold, and Doug Cameron of The Wall Street Journal are reporting the U.S. is investing billions to replace China-made cranes at the nation’s ports. They write: The Biden administration plans to invest billions in the domestic manufacturing of cargo cranes, seeking to counter fears that the prevalent use of China-built cranes with advanced software at many U.S. ports poses a potential national-security risk. The move is part of a set of actions taken by the administration Wednesday that is intended to improve maritime cybersecurity. They include a U.S. Coast Guard … [Read more...]
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