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CWEB Business News Letter August 1st 2023

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Economic growth headline on newspaper

The stock market has had a strong start to the month of August, with the S&P 500 Index (SP500) up 20% year-to-date. With markets anticipating the Fed to soon turn the corner in its war against inflation, this has been the best seven-month start to a year since 1997.

After the Supreme Court rejected the Biden administration’s proposal to forgive up to $20,000 in debt for millions of Americans, the administration devised a new strategy to reduce debt burdens. The U.S. Department of Education anticipates that one million additional citizens will be eligible for zero monthly payments. The SAVE Plan increases the income threshold at which no payments are required from the existing $22,000 or less to $32,805.

After spending $16B in 2018 to acquire a controlling interest in the Indian e-commerce behemoth, Walmart spent an additional $1.4B to acquire further shares of Flipkart. The digital market in India is booming

Bloomberg reports that Birkenstock is preparing for an IPO in September, which could give the company a valuation of $8 billion to $10 billion. In 2017, Birkenstock saw a 29% increase in sales, totaling $1.3 billion. L. Catterton, the private equity firm backed by LVMH, acquired Birkenstock two years ago in a deal valued at approximately $4.9 billion.

A proposed class action lawsuit against Taco Bell claims the company misrepresented the contents of its Mexican Pizzas and Crunchwraps.

Amazon is now delivering video telemedicine through its online medical clinic. The service is now available in all 50 states as the store expands into the care delivery market. During the 2009 COVID-19 epidemic, the use of virtual care saw a huge surge in popularity.

Meta is rolling out its AI ‘personas’ across all of its products. The company claims that its AI-powered avatars can offer services like search and suggestions to customers while they use the company’s products. Meta’s debut has the potential to increase user engagement with its services and showcase the company’s artificial intelligence (AI) capabilities in contrast to rivals like OpenAI and Bard.

Reed Jobs, Steve and Laurene Powell Jobs’ 31-year-old son, has worked primarily behind the scenes. DealBook stated, “He is stepping into the spotlight with a new venture capital firm to invest in new cancer treatments.”

Walmart intends to use in-store marketing as part of its strategy to acquire higher profit companies. Self-checkout lane and TV aisle shoppers, for example, may soon be subjected to more third-party advertisements, in-store sports broadcasts, and product demos.

After a decline last year owing to Covid regulations, Starbucks’ business in China has recovered. The company reported Tuesday that sales in China at stores open for at least 13 months saw a 46% year-over-year increase in the quarter ending July 2. The market in China has been crucial to Starbucks’ expansion.

As a result of new legislation in Canada requiring tech companies to negotiate fees to news organizations for hosting their content, Meta has begun removing news content from Facebook and Instagram in the country, the social media giant announced on Tuesday.

Twitter has filed a lawsuit against the organization Centre for Countering Digital Hate over the latter’s criticism of Twitter’s treatment of hate speech. According to the lawsuit filed against CCDH on Monday in federal court in San Francisco, the organization intentionally tried to discourage advertisers from using Twitter by posting reports that were critical of the platform’s response to hateful content.

Trump’s third politically explosive criminal case comes as he prepares his latest push for the White House and includes charges of conspiring to overturn the 2020 presidential election. The indictment was handed down in Washington, DC.

CVS Health (CVS), Shopify (SHOP), PayPal (PYPL), Kraft Heinz (KHC), MetLife (MET), Humana (HUM), Skillz (SKLZ), and Joby Aviation (JOBY) will all report earnings on August 2.

Stocks to watch this week. SNDLWMTAMZNMETAGRPNJPMMSFTGOOGLeBayAAPLTSLA, PYPL

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CWEB Business News Letter July 26th 2023

WTA News: WTA roundup: Jennifer Brady returns with win in Washington


After nearly two full years away, 2021 Australian Open finalist Jennifer Brady played her first competitive match and dominated Ukraine’s Anhelina Kalinina 6-2, 6-1 in the first round of the Mubadala Citi DC Open on Tuesday in Washington.

Brady, a 28-year-old from Harrisburg, Pa., was sidelined by knee and foot injuries since the summer of 2021. Back at full strength, she needed just 68 minutes to beat Kalinina, ranked No. 28 in the world, by winning a whopping 18 of 20 first-service points (90 percent) and converting six of nine break-point opportunities.

Two other Americans won early Tuesday, with Hailey Baptiste defeating Czech foe Karolina Pliskova 6-1, 0-6, 6-3 and Peyton Stearns topping Poland’s Magdalena Frech 6-1, 6-4.

Romania’s Sorana Cirstea won a marathon second-set tiebreaker to take down Petra Martic of Croatia, 6-3, 7-6 (13). Martic led 6-3 before Cirstea saved three straight set points; Martic eventually failed on seven occasions to close it out before Cirstea pushed ahead for good.

Two evening matches on the schedule pitted Bernarda Pera against Canada’s Leylah Fernandez and China’s Qinwen Zheng against seventh-seeded Madison Keys.

Livesport Prague Open

No. 4 seed Linda Noskova is the highest seed still standing in her home nation after beating Elvina Kalieva 6-1, 6-2 in 60 minutes in the Czech Republic.

After another Czech player, No. 1 seed Marie Bouzkova, was defeated Monday, the second and third seeds lost their first-round matches on Tuesday. Belgium’s Yanina Wickmayer rallied past Chinese No. 2 Lin Zhu 1-6, 6-4, 6-2, and Yue Yuan beat No. 3 Shuai Zhang 6-2, 6-2 in an all-Chinese battle.

No. 9 seed Xiyu Wang of China beat Denmark’s Clara Tauson 6-3, 6-2. French No. 6 seed Alize Cornet completed a 6-2, 4-6, 6-2 win over Czech foe Lucie Havlickova after their match was suspended Monday.

Other winners Tuesday included Germany’s Jule Niemeier, the Czech Republic’s Tereza Martincova, Kaia Kanepi of Estonia, Emiliana Arango of Colombia and Anna Karolina Schmiedlova of Slovakia.

–Field Level Media

WTA News: Venus Williams awarded wild card for Western & Southern Open


Venus Williams was awarded a wild card for the 2023 Western & Southern Open.

Williams lost her opening match at Wimbledon, where the seven-time Grand Slam champion entered as a wild card but lost momentum when she slid to her back at the net and tweaked her knee before losing to Elina Svitolina of Ukraine in the opening round.

The 43-year-old Williams has 49 career singles titles.

Play begins Aug. 15 on the hard courts at the Western & Southern Open with five current or former World No. 1-ranked women, including Williams, in the field. Last year, she lost in straight sets in the opening round to Karolina Pliskova, another former No. 1.

Williams received a wild-card entry to next week’s Canadian Open in Montreal.

–Field Level Media

Paul Reubens, actor famously known as Pee-wee Herman, dies at 70

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Image Featureflash Photo Agency

With his legendary role as Pee-wee Herman, Paul Reubens—a popular actor, comedian, and writer—captured the hearts and minds of viewers everywhere. However, we grieve the loss of this amazing talent with broken hearts. Paul Reubens passed away, leaving behind a legacy that will always be inscribed in the annals of comedy. His life was a tribute to laughter and creativity.

Paul Reubens, who was born on August 27, 1952, in Peekskill, New York, fell in love with acting at a young age. He relocated to Los Angeles following his graduation from Boston University’s College of Fine Arts, where he developed his comedic abilities with The Groundlings Theatre, an improv comedy troupe that also fostered the careers of Phil Hartman and Jon Lovitz.

Reubens developed the persona that would make him famous throughout the world while he was a member of The Groundlings: Pee-wee Herman. In 1980, a stage production of “The Pee-wee Herman Show” included the eccentric, bow-tie-sporting, cartoonish character for the first time. He attracted a devoted following thanks to his distinctive blend of innocence and comedy, which connected with audiences.

It had not ever been disclosed that Reubens was diagnosed with cancer. The announcement of his death included a personal statement from Reuben telling fans why he had kept his medical condition under wraps. “Please accept my apology for not going public with what I’ve been facing the last six years,” he wrote. “I have always felt a huge amount of love and respect from my friends, fans and supporters. I have loved you all so much and enjoyed making art for you.”

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Shocking Death: Instagram Daredevil Stunt Star Remi Lucidi, Dead After Fall from 68th Floor of Hong Kong Skyscraper

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Image remnigma Twitter

The French daredevil Remi Lucidi passed away last week after jumping from the 68th story of a skyscraper in Hong Kong. The 30-year-old, also known as “Remi Enigma” on Instagram, slipped outside a penthouse apartment at the Tregunter Tower’s 721-foot height on Thursday evening.

On a patio of an apartment building in the city’s Mid-Levels neighborhood, police reported finding the death of a 30-year-old man who was thought to have participated in extreme sports. He was identified as Lucidi by the local media, who had amassed a sizable social media following under the alias “Remi Enigma” as he shared pictures from towering buildings all over the world.

On a patio of an apartment building in the city’s Mid-Levels neighborhood, police reported finding the death of a 30-year-old man who was thought to have participated in extreme sports. He was identified as Lucidi by the local media, who had amassed a sizable social media following under the alias “Remi Enigma” as he shared pictures from towering buildings all over the world.

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After a preliminary inquiry, Hong Kong police stated that they thought he had fallen from a ledge. There was no suicide note at the scene.

While claiming to be seeing a friend on the 40th floor when he entered the apartment building, the man rode the elevator to the 49th floor, where he then used stairwells to reach the top floor.

 

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According to Sky News, Lucidi was captured on security footage leaving the 49th floor elevator as well as ascending the stairs to the top floor where a door had been pushed open.

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The fan of extreme sports, who shared amazing photos of his accomplishments on social media, managed to get himself locked outside the structure. According to Sky News, he saw a maid inside and knocked on the window, prompting the maid to phone the police.

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Tragic Shocker: Man fatally stabs woman while reciting Bible verses, uploads live footage on social media

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Mark Mechikoff San Mateo Police Department

In a shocking and horrifying incident, a woman lost her life as a man allegedly stabbed her while reciting Bible verses in the San Francisco Bay Area. The tragic event unfolded when a video of the brutal attack was posted on Facebook, leading to a prompt response from authorities. The suspect, identified as 39-year-old Mark Mechikoff, was later apprehended in San Jose. The online footage showed Mechikoff standing over the bleeding victim, identified as Claribel Estrella, while uttering incoherent words and Bible verses.

The Nye County Sheriff’s Office in Nevada received the initial report when a concerned caller notified them about the distressing video circulating online. Swiftly acting on the information, they traced the social media account responsible for the post to a vast apartment complex on 37th Avenue in San Mateo. Police, without the luxury of an apartment number, went door to door in their search for the victim.

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Tragically, Estrella’s life was discovered to have been cut short inside one of the units, nearly three hours into the intensive search. The suspect was not present at the scene, but his identity had been ascertained, leading to his capture within two hours of finding the victim. Mechikoff was arrested in San Jose without incident, with the suspected murder weapon still in his possession.

The motive behind this senseless act remains unclear, but investigators confirmed that Mechikoff and the victim were acquainted. Ryan Lenahan, who allegedly knew the suspect, expressed his deep disturbance upon seeing the distressing video.

Prosecutors have formally charged Mechikoff with a single count of murder, along with enhancements for inflicting great bodily injury and the use of a knife. His arraignment was postponed for a week to allow for the appointment of a court-appointed attorney.

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This tragic incident serves as a stark reminder of the potential dangers of social media platforms. The fact that the gruesome act was live-streamed on the social media is deeply disturbing and has led to the deletion of Mechikoff’s account by Meta, Facebook’s parent company.

Estrella’s life shortened in a senseless act of violence, leaves her friends and community devastated. Officer Jerami Surratt from the San Mateo PD aptly described the situation as “hideous and horrible.” Meanwhile, the Meta has deleted the footage from the platform.

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NHL News: Leafs place G Matt Murray on long-term injured reserve


The Toronto Maple Leafs are placing goaltender Matt Murray on long-term injured reserve ahead of the 2023-24 season, the team announced Wednesday.

The Maple Leafs said Murray is out indefinitely but did not disclose the nature of the injury. This follows a season in which Murray dealt with a head injury and hip and ankle problems.

Murray, 29, played just 26 games with Toronto in 2022-23, finishing 14-8-2 with a one shutout, a 3.01 goals-against average and a .903 save percentage.

He carries a $4.69 million cap hit for the Maple Leafs in 2023-24, the final season of a four-year, $25 million deal he signed with the Ottawa Senators in 2020. Ottawa is on the books for another $1.56 million.

A two-time Stanley Cup champion with Pittsburgh, Murray is 146-86-24 with a .910 save percentage, a 2.79 GAA and 15 shutouts with the Penguins (2015-20), Senators (2020-22) and Maple Leafs.

Ilya Samsonov, Toronto’s starting goaltender, recently was awarded a one-year, $3.55 million deal in arbitration for the 2023-24 season.

–Field Level Media

NHL News: Hurricanes’ Sebastian Aho signs 8-year, $78M extension


Sebastian Aho received quite the birthday gift from the Carolina Hurricanes on Wednesday.

The forward celebrated his 26th birthday by signing an eight-year, $78 million contract extension that runs through the 2031-32 season.

Aho is entering the final season of a five-year, $42.295 million offer sheet he signed with the Montreal Canadiens in July 2019 that was matched by the Hurricanes.

“He wants to be a Hurricane player for life,” Carolina general manager Don Waddell said. “What happened four years ago now (with the offer sheet), that’s water under the bridge. We made a decision to match the offer sheet and that was the last time we talked about it and now after having him here for as many years as we have, he wants to be a Carolina Hurricane. He likes what we have going on and the coach (Rod Brind’Amour), so those are all positive things.”

Aho recorded a team-high 36 goals last season to go along with 31 assists in 75 games.

He has 468 points (218 goals, 250 assists) in 520 career games since being selected by the Hurricanes in the second round of the 2015 NHL Draft.

–Field Level Media

NHL News: Blackhawks owner Rocky Wirtz dies at 70


William “Rocky” Wirtz, the principal owner and chairman of the Chicago Blackhawks, died on Tuesday. He was 70.

The team did not reveal a cause of death.

Wirtz was the fifth principal owner in the Blackhawks’ storied history, inheriting the team from father Bill Wirtz upon the elder Wirtz’s death in 2007.

The Blackhawks won three Stanley Cups (2010, 2013, 2015) under Rocky Wirtz’s ownership, though the franchise has since fallen on harder times on the ice and dealt with controversies off it.

Wirtz was criticized for comments made during a “town hall” meeting in February 2022 about a team sexual-assault scandal that had come to light months earlier. He had not spoken publicly since March 2022, when the Blackhawks introduced Kyle Davidson as their general manager.

“Our hearts are very heavy today,” Blackhawks CEO Danny Wirtz, Rocky Wirtz’s son, said in a statement. “Our dad was a passionate businessman committed to making Chicago a great place to live, work and visit, but his true love was for his family and close friends. He was a loving father, a devoted husband to Marilyn, a brother, a nephew, an uncle and a doting grandfather to his six remarkable grandchildren. His passing leaves a huge hole in the hearts of many and we will miss him terribly.”

Chicago White Sox and Bulls owner Jerry Reinsdorf said of Rocky Wirtz’s passing in a statement, “This is just shocking news, and I am personally devastated. Rocky truly was a great man. We were far more than partners at the United Center. We were very close; he was a dear friend and our trust, our bond, was unbreakable. We never had a disagreement or argument during all of our many years together.

“Everyone liked Rocky. He was smart, passionate, generous, personable and friendly. He cared deeply about the Blackhawks, the people who worked for the team and at the United Center, Blackhawks fans and the city of Chicago. He was so very proud of the Stanley Cup Championships and what those trophies meant to the organization, the city and the fans.”

–Field Level Media

NHL News: Report: Bruins reach 2-year deal with F Trent Frederic


The Boston Bruins and forward Trent Frederic reached agreement on a two-year deal worth $4.6 million, hours before a scheduled arbitration hearing, Sportsnet reported Tuesday.

Frederic, 25, had a career season in 2022-23, playing in 79 games and recording 31 points (17 goals, 14 assists) with a plus-28 rating. All were career bests for the former 2016 first-round pick (No. 29 overall).

Frederic has 54 points (29 goals, 25 assists) in 198 career games, all with the Bruins.

Frederic had been asking for a one-year deal worth $2.9 million while the Bruins had countered with a two-year deal worth $2.8 million. His most recent contract was a two-year pact worth $2.1 million.

Frederic is eligible to become an unrestricted free agent at the end of this new contract.

–Field Level Media