• “The nation is big on crypto and is one of the tech centers of the world,” said Seo Sang-min, who runs a prominent South Korean blockchain company. Link
    NYT Business Tue 09 Aug 2022 06:22

    When the South Korean cryptocurrencies Luna and TerraUSD collapsed in May, their failures contributed to a $300 billion loss across the crypto economy; public outcries for Do Kwon, the cryptocurrencies’ creator, to go to jail; and multiple investigations. But that, and a broader “crypto winter” dragging down prices across the industry, do not appear to have curbed South Korea’s appetite for all things web3.

    Korea Blockchain Week opened this weekend with more than 7,000 people registered to attend and over 120 speakers on the lineup. According to the event’s chief executive officer, Jeon Seon-ik, this year’s event was one of the largest of its kind in Asia, if not the world.

    One of the keynote speakers, Seo Sang-min, who runs the Klaytn Foundation, a prominent South Korean blockchain company, attributed the event’s popularity to a South Korean penchant for tech.

  • “By definition, it’s driving your employees deeper into debt,” said Nadine Chabrier of the nonprofit Center for Responsible Lending. Link
    NYT Business Tue 09 Aug 2022 06:07

    At any given time, millions of workers are overdue on at least one bill. But it is the rare employer that is late in cutting its paychecks or that bounces them altogether.

    Therein lies an opportunity for lending companies like Kashable and OneBlinc and for retailers that do business at sites like payrolljewelry.com and purchasingpower.com: Put yourself at the front of the repayment line by drawing directly from those reliable paychecks. Let other billers wait around to see if customers bounce a payment from their bank account or don’t bother to make one at all.

    This clever maneuver is possible thanks to payroll mechanisms that go by terms like “allotment” and “split deposits.” As long as your employer allows it — and some notable big ones, like the federal government, do — employees can set it up themselves.

  • “The lesson of the digital era: Chase fads, fantasy and clicks, you fade or famish,” Jim VandeHei, an Axios founder, said. “Chase a loyal audience with quality information, you can flourish.” Link
    NYT Business Tue 09 Aug 2022 05:17

    Axios, the digital media company that quickly gained traction since its founding five years ago with its distinctive bulletin-style scoops on the realms of politics, business and technology, said on Monday that it had agreed to sell itself to Cox Enterprises.

    The deal, which is set to close this month, values Axios at $525 million, according to two people with knowledge of the deal.

    The deal is structured so that the company’s three founders — Jim VandeHei, the chief executive; Roy Schwartz, the president; and Mike Allen, a journalist — have financial incentives to stay at the company. Each will be a minority shareholder and will continue to make day-to-day newsroom and business decisions. Alex Taylor, the chief executive and chairman of Cox Enterprises, will join the Axios board.

  • “We’ve been making big swings but couldn’t hit the ball,” SoftBank’s founder, Masayoshi Son, said. Link
    NYT Business Tue 09 Aug 2022 04:47

    The Japanese conglomerate SoftBank reported on Monday its largest-ever quarterly loss, $23.4 billion, driven by poor performance of its flagship tech investments and a weak yen.

    It was the second straight quarter of enormous losses for the company, which has been staggered by broad weakness in global stocks, causing paper losses in the company’s portfolio of publicly traded tech giants as well as markdowns on its holdings in hundreds of unlisted companies.

    The losses are the biggest in decades for the company’s eccentric founder, Masayoshi Son, who staked its future on huge, often undisciplined investments in tech companies that he believed would transform entire industries — from grocery shopping to construction — as the world transitioned into a digital age.

  • “When you don’t have money, you’re on a fixed income, you’re constantly thinking, ‘Well, maybe I shouldn’t have bought that,’” a retiree said. “There’s no cushion. There really never was.” Link
    NYT Business Tue 09 Aug 2022 04:32

    For Theresa Clarke, a retiree in New Canaan, Conn., the rising cost of living means not buying Goldfish crackers for her disabled daughter because a carton costs $11.99 at her local Stop & Shop. It means showering at the YMCA to save on her hot water bill. And it means watching her bank account dwindle to $50 because, as someone on a fixed income who never made much money to start with, there aren’t many other places she can trim her spending as prices rise.

    “There is nothing to cut back on,” she said.

    Jordan Trevino, 28, who recently took a better paying job in advertising in Los Angeles with a $100,000 salary, is economizing in little ways — ordering a cheaper entree when out to dinner, for example. But he is still planning a wedding next year and a honeymoon in Italy.

    And David Schoenfeld, who made about $250,000 in retirement income and consulting fees last year and has about $5 million in savings, hasn’t pared back his spending. He has just returned...

  • Experts tell @JackEwingNYT that broader steps are needed to make electric cars more affordable and get enough of them on the road to put a serious dent in greenhouse gas emissions. Link
    NYT Business Tue 09 Aug 2022 04:17

    Policymakers in Washington are promoting electric vehicles as a solution to climate change. But an uncomfortable truth remains: Battery-powered cars are much too expensive for a vast majority of Americans.

    Congress has begun trying to address that problem. The climate and energy package passed on Sunday by the Senate, the Inflation Reduction Act, would give buyers of used electric cars a tax credit.

    But automakers have complained that the credit would apply to only a narrow slice of vehicles, at least initially, largely because of domestic sourcing requirements. And experts say broader steps are needed to make electric cars more affordable and to get enough of them on the road to put a serious dent in greenhouse gas emissions.

  • The pay-via-paycheck mechanisms that go by terms like “allotment” and “split deposits” are not new, @ronlieber notes. What is new is that companies urge or require customers to use them when setting up accounts. Link
    NYT Business Tue 09 Aug 2022 03:37

    At any given time, millions of workers are overdue on at least one bill. But it is the rare employer that is late in cutting its paychecks or that bounces them altogether.

    Therein lies an opportunity for lending companies like Kashable and OneBlinc and for retailers that do business at sites like payrolljewelry.com and purchasingpower.com: Put yourself at the front of the repayment line by drawing directly from those reliable paychecks. Let other billers wait around to see if customers bounce a payment from their bank account or don’t bother to make one at all.

    This clever maneuver is possible thanks to payroll mechanisms that go by terms like “allotment” and “split deposits.” As long as your employer allows it — and some notable big ones, like the federal government, do — employees can set it up themselves.

  • The Japanese conglomerate, reporting its largest-ever quarterly loss, has now put more power in the hands of experts, rather than relying on Masayoshi Son’s hunches. Link
    NYT Business Tue 09 Aug 2022 03:12

    The Japanese conglomerate SoftBank reported on Monday its largest-ever quarterly loss, $23.4 billion, driven by poor performance of its flagship tech investments and a weak yen.

    It was the second straight quarter of enormous losses for the company, which has been staggered by broad weakness in global stocks, causing paper losses in the company’s portfolio of publicly traded tech giants as well as markdowns on its holdings in hundreds of unlisted companies.

    The losses are the biggest in decades for the company’s eccentric founder, Masayoshi Son, who staked its future on huge, often undisciplined investments in tech companies that he believed would transform entire industries — from grocery shopping to construction — as the world transitioned into a digital age.

  • Policy decisions could become a double whammy for poorer families, inflicting higher costs today and unemployment tomorrow, @jeannasmialek and @bencasselman write. Link
    NYT Business Tue 09 Aug 2022 02:41

    For Theresa Clarke, a retiree in New Canaan, Conn., the rising cost of living means not buying Goldfish crackers for her disabled daughter because a carton costs $11.99 at her local Stop & Shop. It means showering at the YMCA to save on her hot water bill. And it means watching her bank account dwindle to $50 because, as someone on a fixed income who never made much money to start with, there aren’t many other places she can trim her spending as prices rise.

    “There is nothing to cut back on,” she said.

    Jordan Trevino, 28, who recently took a better paying job in advertising in Los Angeles with a $100,000 salary, is economizing in little ways — ordering a cheaper entree when out to dinner, for example. But he is still planning a wedding next year and a honeymoon in Italy.

    And David Schoenfeld, who made about $250,000 in retirement income and consulting fees last year and has about $5 million in savings, hasn’t pared back his spending. He has just returned...

  • A new corporate minimum tax was projected to raise more than $300 billion in new revenue over a decade, but the slimmed-down version is likely to raise just over $200 billion. Link
    NYT Business Tue 09 Aug 2022 02:16
    Senator Kyrsten Sinema, right, in the Capitol on Sunday, when the Senate passed a climate and energy bill after private investment funds were carved out of a tax provision. Credit...Tom Brenner for The New York Times
  • South Korea’s crypto market has grown to be one of the largest in the world, @Jin_charli writes. Link
    NYT Business Tue 09 Aug 2022 01:51

    When the South Korean cryptocurrencies Luna and TerraUSD collapsed in May, their failures contributed to a $300 billion loss across the crypto economy; public outcries for Do Kwon, the cryptocurrencies’ creator, to go to jail; and multiple investigations. But that, and a broader “crypto winter” dragging down prices across the industry, do not appear to have curbed South Korea’s appetite for all things web3.

    Korea Blockchain Week opened this weekend with more than 7,000 people registered to attend and over 120 speakers on the lineup. According to the event’s chief executive officer, Jeon Seon-ik, this year’s event was one of the largest of its kind in Asia, if not the world.

    One of the keynote speakers, Seo Sang-min, who runs the Klaytn Foundation, a prominent South Korean blockchain company, attributed the event’s popularity to a South Korean penchant for tech.

  • The passage of the Ocean Shipping Reform Act has already had an impact, say exporters, prompting ocean carriers to make more containers available at West Coast ports. Link
    NYT Business Tue 09 Aug 2022 01:26

    Daniel B. Maffei is at once a crucial player in the campaign to subdue inflation, and a figure virtually unknown outside the confines of his wonky Washington domain.

    He’s the chairman of the Federal Maritime Commission, a small, traditionally obscure institution that has been thrust into a central role in the Biden administration’s designs on taming soaring prices — a menace that could determine which party next controls Congress.

    The commission regulates the international shipping industry at American ports, an element of modern life that is typically ignored but has emerged as a reason major retailers are short of popular goods, and why people renovating homes are waiting months for doorknobs.

  • The deal for Axios offers a rare flicker of hope for the digital publishing industry, @BenMullin writes. Link
    NYT Business Tue 09 Aug 2022 00:51

    Axios, the digital media company that quickly gained traction since its founding five years ago with its distinctive bulletin-style scoops on the realms of politics, business and technology, said on Monday that it had agreed to sell itself to Cox Enterprises.

    The deal, which is set to close this month, values Axios at $525 million, according to two people with knowledge of the deal.

    The deal is structured so that the company’s three founders — Jim VandeHei, the chief executive; Roy Schwartz, the president; and Mike Allen, a journalist — have financial incentives to stay at the company. Each will be a minority shareholder and will continue to make day-to-day newsroom and business decisions. Alex Taylor, the chief executive and chairman of Cox Enterprises, will join the Axios board.

  • Alex Jones will no doubt spin his court defeat into hours of Infowars content, @kevinroose writes. Link
    NYT Business Tue 09 Aug 2022 00:31
    Alex Jones outside the Travis County courthouse in Austin, Texas, this week. The jury in his defamation suit ordered him to pay more than $45.2 million in damages.Credit...Pool photo by Briana Sanchez
  • Advertised prices for electric vehicles tend to start around $40,000, not including a federal tax credit of $7,500. Good luck finding one at that price, @JackEwingNYT writes. Link
    NYT Business Tue 09 Aug 2022 00:16

    Policymakers in Washington are promoting electric vehicles as a solution to climate change. But an uncomfortable truth remains: Battery-powered cars are much too expensive for a vast majority of Americans.

    Congress has begun trying to address that problem. The climate and energy package passed on Sunday by the Senate, the Inflation Reduction Act, would give buyers of used electric cars a tax credit.

    But automakers have complained that the credit would apply to only a narrow slice of vehicles, at least initially, largely because of domestic sourcing requirements. And experts say broader steps are needed to make electric cars more affordable and to get enough of them on the road to put a serious dent in greenhouse gas emissions.

  • Amid trouble on the high seas, a newly armed American regulator unleashes a crackdown. Link
    NYT Business Mon 08 Aug 2022 23:15

    Daniel B. Maffei is at once a crucial player in the campaign to subdue inflation, and a figure virtually unknown outside the confines of his wonky Washington domain.

    He’s the chairman of the Federal Maritime Commission, a small, traditionally obscure institution that has been thrust into a central role in the Biden administration’s designs on taming soaring prices — a menace that could determine which party next controls Congress.

    The commission regulates the international shipping industry at American ports, an element of modern life that is typically ignored but has emerged as a reason major retailers are short of popular goods, and why people renovating homes are waiting months for doorknobs.

  • In Hollywood, when you needed a lawyer, you reached out to Bert Fields. Among his clients were Madonna, Michael Jackson, Tom Cruise and the Beatles. He has died at 93. Link
    NYT Business Mon 08 Aug 2022 22:50

    Bert Fields, the colorful and canny dean of Hollywood lawyers whose services were called on by superstars and studios alike knowing they would get a no-holds-barred defense and all but assured of some measure of victory, died on Sunday at his home in Malibu, Calif. He was 93.

    The cause was complications of long Covid-19, his wife, Barbara Guggenheim, said.

    Over the decades, stars and studio heads who turned to Mr. Fields included Madonna, Tom Cruise, Warren Beatty, the Beatles, Michael Jackson, Dustin Hoffman, George Lucas, Steven Spielberg, Michael Ovitz, and Jeffrey Katzenberg.

    Urbane, trim and Saville Row-tailored, Mr. Fields became something of a celebrity himself, garnering magazine profiles and regular gossip-column mentions.

  • Electric vehicles are essential to the fight against climate change, but accessible only to the affluent. What will make prices come down? Link
    NYT Business Mon 08 Aug 2022 22:30

    Policymakers in Washington are promoting electric vehicles as a solution to climate change. But an uncomfortable truth remains: Battery-powered cars are much too expensive for a vast majority of Americans.

    Congress has begun trying to address that problem. The climate and energy package passed on Sunday by the Senate, the Inflation Reduction Act, would give buyers of used electric cars a tax credit.

    But automakers have complained that the credit would apply to only a narrow slice of vehicles, at least initially, largely because of domestic sourcing requirements. And experts say broader steps are needed to make electric cars more affordable and to get enough of them on the road to put a serious dent in greenhouse gas emissions.

  • Quizás no haya ninguna economía importante en el mundo que entienda mejor que Argentina cómo vivir con la inflación. La inflación llegó al 3000% a fines de la década de 1980 y ha superado el 30% todos los años desde 2018. Link
    NYT Business Mon 08 Aug 2022 21:00

    BUENOS AIRES — Eduardo Rabuffetti es un argentino que visitó Estados Unidos una sola vez, en 1999, durante su luna de miel en Miami. Sin embargo, es posible que conozca los billetes de 100 dólares mejor que la mayoría de estadounidenses.

  • RT @jacknicas: Duffle bags full of $100 bills. Potato peelers paid in installments. $10,000 stuffed in a bra. Trading milk for diapers. Co…
    NYT Business Mon 08 Aug 2022 20:05
  • RT @loracorkelley: Indiana companies respond to the state's new abortion law: Eli Lilly said “we will be forced to plan for more employment…
    NYT Business Mon 08 Aug 2022 19:35
  • Alex Jones' success has inspired a new generation of conspiracy theorists, even after his defamation trial, The Shift columnist @kevinroose writes. "Whether or not Mr. Jones remains personally enriched by his lies, his shtick is everywhere these days." Link
    NYT Business Mon 08 Aug 2022 19:04
    Alex Jones outside the Travis County courthouse in Austin, Texas, this week. The jury in his defamation suit ordered him to pay more than $45.2 million in damages.Credit...Pool photo by Briana Sanchez
  • RT @bencasselman: With a gain of more than half a million jobs in July, this site doesn’t feel like a recession. It feels like something el…
    NYT Business Mon 08 Aug 2022 18:34
  • How a backwater agency became a key piece of the Biden administration’s offensive on inflation. Link
    NYT Business Mon 08 Aug 2022 18:04

    Daniel B. Maffei is at once a crucial player in the campaign to subdue inflation, and a figure virtually unknown outside the confines of his wonky Washington domain.

    He’s the chairman of the Federal Maritime Commission, a small, traditionally obscure institution that has been thrust into a central role in the Biden administration’s designs on taming soaring prices — a menace that could determine which party next controls Congress.

    The commission regulates the international shipping industry at American ports, an element of modern life that is typically ignored but has emerged as a reason major retailers are short of popular goods, and why people renovating homes are waiting months for doorknobs.

  • RT @jeannasmialek: “We notice it’s expensive, but it’s kind of like: I don’t really care.” America's rich still seem to be spending even a…
    NYT Business Mon 08 Aug 2022 17:34
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