Lyft Co-Founder is Still Bullish on Drivers Saying Autonomous Vehicles Won't Replace Them for at Least a Decade

Per Tech Crunch Lyft co-founder and president John Zimmer said he couldn't imagine needing fewer drivers in the "next decade-plus." Zimmer said he could see autonomous vehicles handling just 1-10% of rides in the future. The co-founder said that over the past decade, over 112 million

Taiwan Stops Shorts for Stocks Lower than Previous Close If Shares Dropped Over 3.5% the Day Before

Per Bloomberg The Taiwan Financial Supervisory Commission imposes a new metric where investors can't short stocks with a lower price than the previous close if shares drop over 3.5% the day before. The rule comes into effect immediately as its benchmark TAIEX fell about almost 28% year-to-date.

10-Year Treasury Yield Climbs to Record 4.23% Since 2008—10-Year Shouldn't Act Like a Meme Stock, Wells Fargo's Schumacher

Per CNBC 10-year Treasury yield has increased to 4.23% due to a 10 basis points bump. This was the highest level recorded since 2008. At one point, the 10-year Treasury yield hit 4.337%. Wells Fargo's Michael Schumacher says that 4% is reasonable but says the "

Compound Capital Founder Charlie Bilello Says Investment Grade Corporate Bond ETFs Down to Record -22% YTD

Per Charlie Bilello's Twitter Charlie Bilello: "The investment grade corporate bond ETF is down 22% year-to-date." The largest loss so far was a 3.8% decline in 2018. Investment Grade Corporate Bond ETF $LQD was green from 2003 to 2012 with reds during 2013, 2015, 2018,

Twitter, Musk Talks Warm Up as Buyout Closing Deadline Nears

Per Bloomberg: Advisers to Twitter and Elon Musk are hard at work trying to get the $44 billion deal closed by the end of the month, according to people familiar with the matter. Both sides’ bankers and lawyers are preparing paperwork for the buyout to be completed by the Oct.

US Weighs Security Reviews for Musk Deals, Including Twitter Buy

Per Bloomberg: Biden administration officials are discussing whether the US should subject some of Elon Musk’s ventures to national security reviews, including the deal for Twitter Inc. [https://www.bloomberg.com/quote/TWTR:US] and SpaceX [https://www.bloomberg.com/quote/711339Z:US]’s Starlink satellite network, according to

Bank of Japan announces another emergency bond buying operation

Yesterday the news first came of an emergency bond buying. Now the Bank of Japan says it boosted its plans to buy bonds in the 5-10 year tenor to 650B yen, up 550B. The 3-5 year tenor is up to 575B from 475B. The fixed-rate bids remain in place as

30 year-fixed mortgages rates hit 7.37%

As of October 20, 2022, the 30-year fixed mortgage rate is 7.37%, the FHA 30-year fixed rate is 7.26%, the VA 30-year fixed rate is 7.29% and the jumbo 30-year fixed rate is 6.02%. Mortgage rates have doubled since the start of the year, even after

TikTok Parent ByteDance Planned To Use TikTok To Monitor The Physical Location Of Specific American Citizens

Per Forbes: AChina-based team at TikTok’s parent company, ByteDance, planned to use the TikTok app to monitor the personal location of some specific American citizens, according to materials reviewed by Forbes. The team behind the monitoring project — ByteDance’s Internal Audit and Risk Control department — is led by Beijing-based

Elon Plans to cut 75% of Twitter's employees

Musk told the prospective investors to buy Twitter he would plan on getting rid of approximately 75% of twitter's 7500 workers, for a staff of around 2000. Cuts were also being planned to infrastructure, data centers, and other corporate operations. This reporting is per the Washington post, with

Boris Johnson is considering running again for PM of UK

Allies of the former UK prime minister Boris Johnson – who resigned only three months ago – believe he will stand in the leadership contest that will follow the resignation of his successor, Liz Truss, per CNN. Two sources who worked on Johnson’s last campaign for the Conservative Party leadership, in

Liz Truss resigns as PM of UK

British Prime Minister Liz Truss announced on Thursday she was stepping down, just over six weeks after taking the Conservative Party reins as leader. Truss's short tenure was marked by shock over the government's mini-budget, which roiled British markets, and internal party dissension leading to cabinet

Liz Truss entitled to £115,000 a year despite only serving 45 days as PM

Truss has not indicated what she will do after resigning but all former PMs are entitled to money through the Public Duties Cost Allowance (PDCA). It is currently set at £115,000 a year and hasn't changed since 2011. Despite Truss only being in office for just over

Cathie Woods Slowly Accumulated Shares in Less Known Biopharmaceutical Company NRIX

Per Bloomberg Cathie Woods' Ark Genomic Revolution ETF has been accumulating shares of a less-known biopharmaceutical company called Nurix Therapeutics Inc since October 10. Woods started purchasing after NRIX shares dropped over 75% from its January 2021 record. The fund has accumulated 840,000 shares in the company with

Tim Cook Says Understanding is Important and that the Average Person Can't Explain the Metaverse

Per Business Insider and Bright When asked about the metaverse topic, Apple CEO Tim Cook emphasized the importance of understanding what something is saying he isn't sure if the average person can explain the metaverse. The word "metaverse" was mentioned 36 times in Meta's

Citadel's Ken Griffin Says Recession Will Happen and It's Only a Question of When or How Hard

Per CNBC and Bloomberg Citadel CEO Ken Griffin said the FEDs have a very limited tool kit; they can raise interest rates. When asked about a recession, he said that it will happen and that it is only a question of when or how hard it will hit. Ken Griffin:

German Chancellor Scholz Says They are Free from Russian Gas, but EU's Gas Price Cap Could Cause a Backfire

Per Reuters German Chancellor Olaf Scholz said Putin is using energy and hunger as weapons but has failed to break the unity of the west. The Chancellor claims Germany is free from dependence on Russian gas. Scholz's statements were directed to the leaders of the 27 EU countries

30 year fixed mortgage rate is 7.22%

As of October 19, 2022, the 30-year fixed mortgage rate is 7.22%, the FHA 30-year fixed rate is 7.26%, the VA 30-year fixed rate is 7.29% and the jumbo 30-year fixed rate is 6.02%. Mortgage rates have doubled since the start of the year, even after

Weed coming to US gas stations

Per Fortune: Green Thumb Industries one of the largest US cannabis producers, signed a deal with Circle K, the global convenience-store chain, to sell licensed marijuana at its Florida gasoline retailers. The partnership will begin next year with 10 of the company’s 600 locations in the state, Green Thumb

BOJ Announces Unscheduled Bond Buying as Key Yield Broke Ceiling

Per Bloomberg: Japan’s benchmark yield climbed above the central bank’s policy ceiling and monetary authorities announced unscheduled bond purchases to rein it back in. The yield on the 10-year note briefly rose 0.5 basis points to 0.255% Thursday as the Bank of Japan held the first

Turkey's President Says Yes to Putin's Plan to Form a Natural Gas Hub in Turkey After Turkish Lira Down 50% YOY

Per Reuters and BBC Turkey's President Tayyip Erdogan says he agreed to Vladimir Putin's plans of forming a natural gas hub in Turkey. Putin said that Europe is free to obtain its gas supply from the upcoming Turkey gas hub, said Turkey's President. This

Twitter Co-Founder and Ex-CEO Jack Dorsey Launches Private Beta for New Social App Called Bluesky Social

Per The Verge and Coin Telegraph Former Twitter CEO and co-founder Jack Dorsey announced the launch of the private beta phase for Bluesky Social, a decentralized solution to Twitter. Bluesky was first announced in 2019 as a Twitter-funded project, with Dorsey joining its board. Bluesky is building a social protocol

Putin Declares Martial Law in Four Ukrainian Regions—Says They are Part of Russia

Per Reuters Putin has enforced martial law in four Ukrainian regions saying they are now part of Russia. Civilians in the city of Kherson left after an assault warning from Moscow. Putin has also issued a decree restricting movement in and out of eight adjoining Ukraine regions. Kherson remains the

China's Top Military Officials Vow to Prepare for War as Tensions with the US Start Rising

Per SCMP The top military officials of China have vowed to follow President Xi Jinping's directives to strengthen the military to prepare for war. On October 16, Xi said that Beijing would do its best to "bring Taiwan back" through peaceful means but is ready to

The IRS is raising tax brackets and the standard deduction by 7% to account for high inflation

Per WSJ: The Internal Revenue Service adjusted key tax code parameters for 2023 to reflect higher inflation, raising the standard deduction and the income thresholds where tax rates take effect. The 37% top marginal tax rate will apply to individual income above $578,125 and married couples’ income above $693,