Xi Jinping Started His Third Term as China's Leader with No Clear Successor in Sight—He Held the Position Since 2012

Per WSJ and Bloomberg Xi Jinping secured his third leadership term after initially becoming the President of the People's Republic of China in 2012. He secured the term with rivals out of the way and no clear successor in sight. President Xi Jinping recently renewed his pledge to

Atlanta Fed President Made Trades During Blackout Periods but Inadvertently Omitted Them from Financial Disclosures

Per Reuters Atlanta Federal Reserve President Raphael Bostic said some personal investing activity "inadvertently" happened in times when US central bank ethics rules forbade it. The explanation was given with revised financial disclosure forms dating back to the start of his tenure in 2017, showing trades that violated

Nasdaq Stops IPOs of at Least 4 Small Chinese Companies After Similar Stocks Rose 2,000% Only to Nosedive a Few Days Later

Per CNBC Nasdaq is hitting the pause button on initial public offering (IPO) preparations for at least four small Chinese companies.  An investigation has been launched into the odd stock rallies of similar firms following their debuts. The decision comes amidst a surge in Chinese companies, with $50 million or

PFE raises covid vaccine four times the current selling price and 100 times the estimated cost of manufacturing the vaccine

Per WSJ: News late Thursday that Pfizer is planning to price its shot [https://www.wsj.com/articles/pfizer-targets-covid-vaccine-price-of-at-least-110-a-dose-11666306202?mod=article_inline] at $110 to $130 per dose in the U.S. is giving a lift to both stocks

Boris Johnson says he will not stand in Tory leadership contest

Per the Guardian: Boris Johnson will not stand in the Conservative Leadership race, leaving Rishi Sunak very likely to enter No 10. The former prime minister had not formally declared but he had told supporters he wanted to run, drumming up backing from seven cabinet ministers – Jacob Rees-Mogg, James

President Biden intends to run for president in 2024 and has the first lady's support

Per Axios: President Biden [https://www.axios.com/politics-policy/joe-biden] intends to run for president in 2024 and has the first lady's support, he told MSNBC [https://www.msnbc.com/the-reidout/watch/president-biden-vows-to-protect-women-s-right-to-choose-if-gop-takes-

Hedge-fund manager Andrew Barroway has sold property for $9.26 million, which cost $35 million to build

Per NYP: This sprawling custom estate has found a new owner, but at less than a third of the sum that went into creating it. In Pennsylvania, hedge-fund manager Andrew Barroway spent roughly $35 million total constructing this enormous compound, only to recently resell it for a fraction of

France has decided to withdraw from the energy charter treaty

Per Politico: French President Emmanuel Macron announced Friday that France will leave the Energy Charter Treaty, making it the largest economy to announce it's quitting the embattled deal. The pact, which allows international companies and investors to sue governments over interventions that hit the profits of energy projects,

Sandy Hook Families Ask Judge to Max Out Alex Jones Penalty

Per Bloomberg: Sandy Hook families said a Connecticut judge should impose “the highest possible punitive damages” for Alex Jones, suggesting by one calculation that could be as high as $2.75 trillion. The families said that additional damages are warranted on top of a nearly $1 billion jury award because

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

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-

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

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,

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

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

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

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

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

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: