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,
The first on-chain house sells as NFT for $175K Per CryptoSlate: Real estate platform Roofstock has completed the sale of a three-bedroom property as a non-fungible token (NFT) for $175,000. The rental property located at 149 Cottage Lake Way [https://onchain.roofstock.com/properties/0xF928d6285B8a4f9ac5A640ae598D7399C331cea7/0] , Columbia was sold on the Roofstock onChain NFT marketplace by transferring the
Number of Americans Living Paycheck to Paycheck Increases by 5% to 60% in Total Per CNBC Report by LendingClub says 60% of Americans are living paycheck to paycheck, a 5% increase from 55% a year ago. 45% of six-figure earners were also living paycheck to paycheck up from 38% a year ago. A report by Bank of America also found that 71% of workers
Consumer Debt for the Bottom 90% of US Households Increased by $300B Over the Last Year Per Bloomberg Federal Reserve data show that consumer debt for the bottom 90% of US households has increased by $300 billion over the last year. The FEDs define consumer debt as student loans, vehicle loans, credit card loans, and other consumer-related loans. Household debt for the top 10% remained flat
Citadel CEO Ken Griffin SaysLosses to Meme Stocks and Speculative Assets are Healthy for the Economy Per CNBC Ken Griffin: "The surge of borrowing and money delivered to households cycled back into speculative assets" The Citadel CEO gave examples of speculative assets including NFTs, crypto, and meme stocks. Griffin said that now that the trend has passed, people are spending more on travel, going
Mark Zuckerberg Said VR is Entering a 'Trough of Disillusionment' After Betting His $340B Company a Year Ago Per CNBC Mark Zuckerberg was extremely bullish on VR tech and the metaverse, even changing the company name of Facebook to Meta. After betting his $340 billion on the idea a year ago, the CEO said that VR is now entering "the trough of disillusionment." By saying this,
Scientists make new Covid variant with 80% kill rate in mice Boston University has created a new Covid-19 variant which resulted in an 80% kill rate in mice, according to a new research paper. The research hopes to better understand the role played by the virus' spike protein in terms of how harmful a variant is. To do this, scientists
Bloomberg Economics Model Projections Say US Recession 'Certain' in the Next 12 Months Per Bloomberg Bloomberg economists Anna Wong and Eliza Winger say the chances of a recession happening within 12 months is up 100% compared to its previous update of 65%. Another survey found that 42 economists predict a 60% chance, up from 50% last month, of a recession happening in the
Rapper Kanye West Plans to Buy Social Media App Parler After being Suspended on Other Platforms Per CNBC In principle, the $2 billion-worth rapper Kanye West agreed to purchase Parler, a social media app. Although details on how much the deal is were not yet disclosed, Parler previously raised $16 million from its Series B funding, bringing the total raised to $56 million. The majority of
Meta Targets 500K Monthly Active Users for Horizon Worlds by Year End but Reports Less than 200K Despite $15B Spending Per WSJ and Business Insider Meta wants to reach 500,000 monthly active users in Horizon Worlds by year-end but so far only has 200,000. Most users did not return to Horizon after a month on the platform. Only 9% of worlds are visited by at least 50 people,
Biden Says UK Prime Minister Liz Truss' Tax Cuts Were A Mistake—Concerned for Worldwide Inflation and Not the Dollar Per The Telegraph Joe Biden was asked his thoughts on UK Prime Minister Liz Truss cutting taxes, saying he wasn't the only person who thought it a mistake. When asked whether he was concerned about the dollar's strength, Biden said, "I’m not concerned about
Credit Suisse Estimates 87.5M Millionaires in 2026—40% Growth Expected Despite 500 Richest Losing $1.4 Trillion Per Bloomberg Credit Suisse Group AG's Global Wealth Report 2022 said there will be over 87.5 million people with a net worth of over $1 million in 2026 from 62.5 million in 2021. Despite the Russia-Ukraine war, it was estimated that the number of millionaires globally
