Despite regulatory and treaty efforts by Western governments to reduce the use of carbon dioxide producing fossil fuels like coal, the world is set to use more coal than ever. Leslie Hook reports for the Financial Times: Global coal use will reach a record level this year as the war in Ukraine and growing demand in India and Europe push consumption of the fuel to new highs. The trend flies in the face of pledges made at the UN climate talks last year, when 194 countries pledged to phase down their use of coal to curb emissions. Coal consumption will rise by 1.2 per cent this year … [Read more...]
Meme Stock Gurus Indicted in Pump-and-Dump Scheme
Bloomberg's Bob Van Voris reports that meme stock gurus Edward Constantinescu and Perry Matlock have been indicted, along with six others involved in what prosecutors call a pump-and-dump scheme. Van Voris writes: Social media influencer @MrZackMorris and several others active in last year’s meme-stock frenzy were charged by federal prosecutors with engaging in a $144 million “pump and dump” scheme. Edward Constantinescu, known on Twitter as “@MrZackMorris,” and Perry Matlock, whose Twitter handle is “@PJ_Matlock,” were among the defendants charged in an indictment unsealed … [Read more...]
Apple Prepares to Lose App Store Monopoly
In response to pending European laws, Apple is preparing to allow alternative app stores on its devices. Bloomberg's Mark Gurman reports: Apple Inc. is preparing to allow alternative app stores on its iPhones and iPads, part of a sweeping overhaul aimed at complying with strict European Union requirements coming in 2024. Software engineering and services employees are engaged in a major push to open up key elements of Apple’s platforms, according to people familiar with the efforts. As part of the changes, customers could ultimately download third-party software to their iPhones and iPads … [Read more...]
The Unintended Consequences of Governments Trying to Help
In 1986, President Ronald Reagan told assembled reporters in Illinois that "The nine most terrifying words in the English language are ‘I’m from the government and I’m here to help.’” He was talking about farm policy at the time, but the same types of unintended consequences that made 1980s agricultural policy a mess are being employed in labor markets today. Callum Borchers explains in The Wall Street Journal how a new initiative by New York on pay transparency could actually hurt pay equity by enticing firms to make the hiring process even more opaque. He writes: Almost every day, someone … [Read more...]
The IRS Is Putting Its New Army to Work
The Wall Street Journal's editorial board explains that the IRS will be putting its new army of 87,000 employees to work, turning out the pockets of regular Americans searching for their unreported side hustle incomes. They write: There’s a new job for those 87,000 new employees at the Internal Revenue Service, and it isn’t chasing billionaires. It’s digging around to discover if you reported that extra $600 you made from selling grandma’s heirlooms at your garage sale. The IRS is reminding Americans that the reporting rules have changed for payment-card and third-party payment network … [Read more...]
FAILING UPWARD: Incoming Chicago Fed President Was Wrong about Inflation
Austan Goolsbee, a former Obama administration economist who currently teaches at the University of Chicago, has been tapped to replace Charles Evans as the President of the Chicago Federal Reserve. As Nick Timiraos reports in The Wall Street Journal, Goolsbee was among many economists who blamed supply chain issues for the rampant inflation of the last two years while discounting the role played by excessive fiscal stimulus. Timiraos writes: In the summer of 2021, Mr. Goolsbee was among the many economists who argued that increasing inflationary pressures were being driven primarily by … [Read more...]
The West to Build Energy Future without China, Russia
The developed world is working to carve out an energy future that isn't reliant on Russian oil and gas or on Chinese solar panels. Camilla Hodgson reports in the Financial Times: Solar power is undergoing a boom as the energy crisis drives a shift to renewable energy following the war in Ukraine and is expected to surpass coal power by 2027, the International Energy Agency has forecast. Renewable energy overall will become the largest source of global electricity generation by early 2025, the IEA said, and the world will add twice as much renewable capacity from 2022 to 2027 as in the … [Read more...]
Fidelity Joins Companies Converting Mutual Funds to ETFs and Lowering Fees
Fidelity has announced that it will convert six of its mutual funds into exchange traded funds (ETFs), joining other mutual fund companies in a growing trend. The ETFs will come with lower fees for customers. Sonya Swink reports for the Financial Times: Fidelity plans to convert a set of six “disruptive technologies” mutual funds to exchange traded funds next June, the firm has disclosed. These will be the first mutual funds that Fidelity will turn into ETFs, a company spokesperson said. The $96mn Fidelity Disruptors, $91mn Fidelity Disruptive Automotive, $80mn Fidelity Disruptive … [Read more...]
Cultish CEOs Have Ruined Due Diligence
There's only so much you can learn from a company's executives. They are personally vested in the company's success, and whether or not they want to, they'll often skew the conversation in a positive direction. What's worse is that some investors seem ready to buy company stock not based on fundamentals but instead on the star power of the company's leaders. Brooke Masters reports on the dying art of due diligence in the Financial Times: It’s been a lousy month for the reputation of professional investing. The collapse of FTX revealed that everyone from racy hedge funds to staid pension … [Read more...]
Bargain Buyers Picking Over the Bones of the Secondary Technology Market
Secondary trading in shares of technology companies that haven't yet gone public with an IPO was pretty much nonexistent from March to July. Now, some traders are beginning to pick over the bones of the market, looking for deals. Julie Steinberg and Ben Dummett report for The Wall Street Journal: Many startups held on to lofty valuations for months after the technology-heavy Nasdaq Composite began to sell off in November 2021. However, the market’s resilience started to wane this summer, as venture-capital firms and hedge funds began to unload to make up for losses in their public … [Read more...]
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