Business

Goldman Reveals The Truth About The World Cup As Unmistakable Links Between ‘Fake’ Football And Global Economy Laid Bare

Well, it’s time for the World Cup and that’s a confusing time for a lot of Americans because it means having to (re)figure out why the rest of the world keeps referring to soccer as “football”. Of course that’s a misnomer. That’s just another example of what the President talks about when he says foreign interests are robbing America blind. They’re stealing our jobs all right, but they’re also stealing the name of our sports (#Sad). I imagine I’m preaching to the proverbial choir here because if you’re reading this, it means you have internet access which, like running water and electricity, is something that isn’t common outside of the United States (because #Shitholes). But on the off chance you’re someone who doesn’t live in America and somehow still has an interweb connection, let me e...

United’s latest attempt to draw travelers to Newark: Helicopters

United Airlines is selling helicopter transfers from Manhattan to Newark for commutes under 10 minutes.

Kroger recalls fresh fruit over possible Salmonella contamination

Kroger is removing some of its fresh fruit products from shelves in its stores following a spate of illnesses. The Cincinnati-based retailer withdrew pre-cut cantaloupe, watermelon and melon mixes from its stores in Indiana and Michigan after the products were linked to possible contamination from a strain of Salmonella Adelaide. The U.S Centers for Disease Control and Food and Drug Administration notified Kroger on June 7 that multiple illnesses had been reported related to the products sold in select Kroger, Jay C, Owen’s and Pay Less stores that were provided by a third-party supplier. While the illnesses were reported before May 28 and shelf life for the products is limited, Kroger immediately removed the products from the shelf and temporarily suspended shipment of new products ...

Boston Scientific shares rise on report that Stryker has made a takeover approach for company

Boston Scientific shares rose more than 7 percent Monday after The Wall Street Journal reported rival medical device manufacturer Stryker approached it with a takeover bid. A deal would unites two medical device giants into a powerhouse with a combined value of more than $110 billion, The Wall Street Journal reported, citing people familiar with the matter. Sources told the publication it was unclear whether Boston Scientific is receptive to the offer. Boston Scientific has a market capitalization of $47.6 billion. Its stock has risen 38 percent this year. Stryker, with a market capitalization of $64.9 billion, has seen its shares gain about 13 percent his year. They dipped nearly 3 percent Monday. A Stryker spokesman said as a matter of company policy, Stryker does not comment on potentia...

Because It Worked So Well Last Time, Argentina Will Borrow $50B From The IMF

In the year 2000, the International Monetary Fund provided a $40 billion bailout to Argentina, to help the country reduce its growing debt burden. In exchange, the IMF demanded—as it always does—crippling austerity, because the sort of lower-rung countries that require the IMF’s help must be punished for their profligacy. This led to the collapse of the Argentine peso, double-digit unemployment, the default the bailout was supposed to prevent (much to Paul Singer’s eventual glee), the terminal distrust of the Argentine people toward the international financial system and the rise of the Kirchner clan to the Casa Rosada. But like the country’s last default, all of that was like 100 years ago. So why not try it again without learning anything from history? The International Monetary Fund and...

Opening Bell 6.11.18

KKR to Buy Health Services Provider Envision for $5.57 Billion [Bloomberg] KKR & Co. will buy Envision Healthcare Corp. for $46 a share after an almost yearlong sale process for the medical company, which staffs hospitals and runs surgery centers in the U.S. The all-cash deal values Envision at $5.57 billion. Including debt, the acquisition is valued at $9.9 billion, the health-care company said in a statement Monday. Envision said the deal represents a 32 percent premium to its stock price in November, when it announced it was reviewing strategic alternatives. Investors such as KKR and strategic buyers including health insurers have been snapping up health-care assets in the U.S. Last year, KKR finished raising money for a $1.45 billion health-care fund dedicated to growth stage compa...

The ‘Most Important Week Of The Year’? Full Week Ahead Preview

Is this the most important week of the year? Spoiler alert: almost certainly not. And that’s not to downplay the long list of important scheduled events. Rather, it’s just to say that invariably, scheduled events never end up being the ones that matter unless those scheduled events are elections. The two marquee events for markets this week are obviously the Fed and ECB meetings and I decided to eschew writing the usual Sunday evening week ahead preview in favor of in-depth posts on Powell and Draghi (and also in favor of eating pan seared Diver scallops at this new place that opened up down the street). The fate of emerging markets is in Jerome Powell’s hands and Draghi is about to try and see what happens when price discovery is allowed to resurface in European bond and credit markets. Y...

‘Sesame Street’ has a venture fund, and it’s investing in a start-up that wants to simplify coding for kids

A venture fund formed by the company behind the beloved TV show “Sesame Street” has invested in a start-up that wants computer building and coding to return to the forefront of consumer technology. Kano, known for its do-it-yourself computer building kits for kids, said that it had bagged the funding from Sesame Ventures, the social-minded venture arm of Sesame Workshop, to help it fuel growth and work on new products. The investment was part of a $28 million funding round Kano scored last year, however the companies did not disclose how much has been poured into the start-up in this latest injection of cash. Alex Klein, Kano’s chief executive and co-founder, said on Friday that the firm’s aim was to help children and people of all ages understand how the technology...

Fed up with rising costs, big US firms dig into health care

At its Silicon Valley headquarters, network gear maker Cisco Systems is going to unusual lengths to take control of the relentless increase in its U.S. health-care costs. The company is among a handful of large American employers who are getting more deeply involved in managing their workers’ health instead of looking to insurers to do it. Cisco last year began offering its employees a plan it negotiated directly with nearby Stanford Health medical system. Under the plan, physicians are supposed to keep costs down by closely tracking about a dozen health indicators to prevent expensive emergencies, and keep Cisco workers happy with their care. If they meet these goals, Stanford gets a bonus. If they fail, Stanford pays Cisco a penalty. At the center of it all is a spacious clinic ins...

Trade Deficit Rising!

Since 2017Q1. By Mr. Trump’s own metric, we’re losing. But it’s a stoopid metric for evaluating “unfair”-ness. From the last GDP release (which incorporates March trade release):Figure 1: Net exports to GDP (blue), and net exports excluding petroleum products (red), as a ratio to GDP, SAAR. NBER defined recession dates shaded gray. Orange denotes 2017Q1-2018Q1. Source: BEA 2018Q1 second release, NBER, and author’s calculations. Here’s a detail, in nominal dollar terms: Figure 2: Net exports to GDP (blue), and net exports excluding petroleum products (red), both nominal, SAAR. NBER defined recession dates shaded gray. Orange denotes 2017Q1-2018Q1. Source: BEA 2018Q1 second release, NBER, and author’s calculations. As noted in numerous instances (EconoFact, Steil/BI), trade deficits usually ...

‘Bipartisan’ Senate farm bill seen having better shot of passing than failed House plan

The Senate Agriculture Committee will take up the 2018 farm bill this week, amid early expectations that “bipartisan” support for the legislation may carry it across the finish line — unlike an effort that failed last month in the House. The new farm bill, officially known as the Agriculture Improvement Act of 2018, covers everything from farm subsidies and food stamps to trade and rural development policy. Farmer assistance includes commodity payment programs, as well as subsidized crop insurance. Yet critics say many of those safety net programs for farmers are wasteful, and not always necessary. They also contend the federal subsidies often go to large agricultural producers and the wealthy and does little for small family farmers. “I’d like to see some reforms w...

Impersonators and kimchi burgers: Businesses capitalize on the Trump-Kim summit

Getty Images A man looks at a promotional poster outside a local eatery, Harmony Nasi Lemak, which offers a special Trump Kim-Chi dish to its menu on June 6, 2018 in Singapore. He even paid tribute to the U.S. leader’s trade posturing, saying that the dish used U.S. beef “to make Mr. Trump happy.” As for the hospitality industry, hotels are cashing in on the influx of visitors for the summit. The Royal Plaza on Scotts, a hotel in the heart of Singapore’s shopping district, has seen about a 20 percent increase in bookings since the summit was first announced in April. Patrick Fiat, general manager of the hotel, said he was expecting more bookings to come in over the weekend and that the occupancy rate should be in “the high 90s.” That hotel is about a 15 ...