Financial Markets and Economy
Stocks Have Tripled Since Crisis, but Low Rates Are Still Squeezing Savers (The Wall Street Journal)
Stocks are hitting record after record, the Dow Jones Industrial Average tripling since it bottomed out during the financial crisis exactly eight years ago.
Why Trump’s $1 trillion promise to deliver infrastructure jobs may not happen this year (The Washington Post)
President Trump’s pledge to create a program that funds $1 trillion in new infrastructure programs has kicked off with numerous meetings but few firm decisions, beset by understaffing, bureaucratic challenges and major questions about how to pay for everything.
Swift Banking System Bars North Korean Banks (The Wall Street Journal)
Three North Korean state banks have been recently banned by the world’s most important financial messaging service, amid calls in the U.S. and Europe for the complete isolation of Pyongyang from the international financial system.
CEOs Widen Income Gap Over Staff as Survey Shows 5.5% Pay Jump (Bloomberg)
American corporate bosses continue to get bigger raises than their workers.
Chief executive officers at 42 public U.S. companies that have filed proxy statements for fiscal 2016 saw their pay packages grow by a median of 5.5 percent from the prior year, according to a report issued Wednesday by Compensation Advisory Partners, a consulting firm.
Brazil's worst-ever recession unexpectedly deepens in late 2016 (Reuters)
Brazil's worst-ever recession intensified unexpectedly in the final quarter of 2016, data showed on Tuesday, frustrating hopes for signs of a recovery and stepping up pressure on President Michel Temer and the central bank to do more to promote growth.
Investors Who Missed Bitcoin Rally Go for Dash, Ether, Monero (Bloomberg)
With bitcoin on a tear, Mira Kwon decided there’s more money to be made elsewhere. A little over a month ago, the University of Maryland economics graduate began pouring more than $2,000 into a different crypto-currency called dash.
Brazil, Widening the Hunt for Corruption, Finds It Under Every Rock (The Wall Street Journal)
This affluent city in Brazil’s southeastern highlands, famous for its agribusiness, artisanal ales and annual book fair, is usually a tranquil place. Yet in recent months Ribeirão Preto has been rocked by a $65 million alleged bribery and kickback racket at City Hall.
Asian markets mostly in the red, awaiting U.S. economic news (Market Watch)
Stocks in Hong Kong, Shanghai and Taiwan fell Thursday morning after consumer inflation in China slowed to its lowest point in two years, while investors elsewhere awaited details from news events in the U.S.
Who’s to Blame for the Trucker Shortage? (The Wall Street Journal)
Help wanted: America needs truck drivers. In 2015, American Trucking Associations estimated that for-hire trucking companies had nearly 50,000 fewer drivers than they needed. The shortage was less severe in 2016, but the trade group expects it to worsen in coming years.
Eight Fossil Fuel Majors Seen Polluting as Much as the U.S. (Bloomberg)
Eight of the world’s largest oil companies are responsible for as much of the climate-damaging pollution spewed into the atmosphere as the entire U.S., according to a study by a London-based researcher.
The Blockchain Will Do to Banks and Law Firms What the Internet Did to Media (Harvard Business Review)
Even years into the deployment of the internet, many believed that it was still a fad. Of course, the internet has since become a major influence on our lives, from how we buy goods and services, to the ways we socialize with friends, to the Arab Spring, to the 2016 U.S. presidential election.
March Is All Baked In (Macro the Tourust)
Today’s post will be short and sweet (much like Frank’s recipe).
Last week’s hawkish Federal Reserve guidance sent the front end of the yield curve for a tailspin. In the process, the odds of a March hike went from less than 50% to almost 100%.
Whose Banks Are Riskiest: A Surprising Answer From The BIS (Zero Hedge)
When one thinks of unstable, risky banking systems, the first thing that comes to mind are visions of insolvent, state-backed building – with or without long ATM lines – in China, Greece, Italy or, in recent times, Germany. However, according to the most recent report by the Bank for International Settlements, the country with the riskiest banking system is neither of these, and is a rather "unusual suspect."
Companies
EpiPen is getting crushed by a $10 copycat (Wolf Street)
Mylan’s EpiPen – the center of one of the many blistering scandals on Big Pharma price gouging – is getting hammered in the market, as competitors have burst on the scene, and as health insurers and prescribing physicians have gotten the memo. Its market share plunged from 95% to 71% in just two months!
China Shuts Hershey-Lotte Plant in Latest Missile-Spat Move (Bloomberg)
Lotte Shanghai Foods, a joint venture between Hershey Co. and Lotte Group, has been ordered to stop production by Chinese authorities, escalating China’s economic retaliation for the deployment of a U.S. missile-defense system in South Korea.
New Adidas CEO Plans Fast-Fashion Focus to Catch Up to Nike (Bloomberg)
Adidas AG’s new chief executive officer is doubling down on surging sales of casual sneaker lines like Stan Smith and Tubular to transform the German sportswear maker into a fast-fashion business and gain ground on larger rival Nike Inc.
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Investors pump $400 million into Instacart, despite worker dust-ups (Mashable)
Instacart just got a huge push.
The same-day grocery delivery startup announced a $400 million funding round on Wednesday, bringing its total valuation to a reported $3.4 billion.
SoftBank to Transfer 25% Stake in ARM to Saudi-Backed Fund (The Wall Street Journal)
Japan’s SoftBank Group Corp. is in talks to transfer a roughly 25% stake in U.K.-based chip designer ARM Holdings PLC to its proposed $100 billion technology fund, a person familiar with the matter said.
Technology
Microsoft Really Wants You To Upgrade OneDrive, With New Ads Popping Up In Windows 10 File Explorer (Digital Trends)
One of the least popular new “features” in Windows 10 is the advertising function Microsoft injected directly into the operating system. Ads show up in a number of ways, from promotions of Windows Store apps in the Start menu to pop-up “reminders” that Microsoft’s Edge browser gets better battery life than Google’s Chrome.
This anti-social robot's only task is to avoid people (Engadget)
Robots are usually created to help us, but that's not always the case. Last week, California's Palm Desert was home to a machine that was different. ShyBot didn't serve us at all, instead — as its name suggests — it had a reclusive mission: stay as far away from people as it could.
Electric jet ski promises eco-friendly watersports (Engadget)
For all of the choices you now have when it comes to electric cars, you're not so fortunate if you're looking for a personal watercraft. There have been attempts, but you're usually looking at a big hydrofoil rather than something as nimble and portable as a jet ski.
Google provides a tool for making objects and places within video searchable (DIgital Trends)
Google's new tool for developers will enable applications to use cloud-based machine learning to detect and label objects and locations within video, speeding up searches.
Politics
American Medical Association opposes GOP ObamaCare bill (The Hill)
The nation's biggest doctors group on Wednesday came out in opposition to the GOP's ObamaCare replacement bill, warning that it would cause millions of people to lose coverage.
THE MEMO: Presidential code smashed under Trump (The Hill)
President Trump stunned the political world Saturday when he asserted, without evidence, that former President Barack Obama had engaged in “wiretapping” of Trump Tower before the elections.
GOP Health Plan Sparks Debate Over Obamacare Comparisons (The Wall Street Journal)
House Republicans are facing swift criticism that their sweeping plan to repeal and overhaul large swaths of the Affordable Care Act is too similar to the law it would replace.
Dan Rather: Trump administration ‘in freefall’ (The Hill)
Former CBS News anchor Dan Rather says President Trump’s administration is “in freefall” less than two months after the inauguration.
American Medical Association Opposes Republican Health Plan (NY Times)
The American Medical Association, a powerful lobbying group representing the nation’s doctors, announced on Wednesday that it opposed the House Republicans’ proposed legislation to replace the federal health care law, saying it was concerned the bill “would result in millions of Americans losing coverage and benefits.”
'It's like kumbaya:' Trump's genial private meetings with CEOs jar with public attacks (Reuters)
When the bosses of some of the world's largest pharmaceutical companies headed to Washington in January to meet U.S. President Donald Trump, it had all the makings of a potentially hostile meeting.
China Grants Preliminary Approval to 38 New Trump Trademarks (Associated Press)
China has granted preliminary approval for 38 new Trump trademarks, a move that offers a potential business foothold for President Donald Trump's family company and protects his name in a country notorious for counterfeiters.
Questions About Loyalty to Trump Stall Mnuchin's Treasury Picks (Bloomberg)
Steven Mnuchin’s picks for the top ranks of the U.S. Treasury are stalled due to resistance from White House aides, including one recruit whose Twitter account was scrutinized for potential criticism of Donald Trump, according to people familiar with the matter.
Republicans Disagree on How—and Whether—to Pay for Tax Cuts (The Wall Street Journal)
A fight is brewing among congressional Republicans over whether a planned tax overhaul should pay for itself.
Women worldwide rally for equality, and against Trump in U.S. (Reuters)
Women protested around the world on Wednesday for equal rights and in the United States against President Donald Trump, with many Americans skipping work or boycotting stores to demand economic fairness on International Women's Day.
U.S. Puts Troops on the Ground in Syria to Blunt Turkish Campaign (Bloomberg)
The U.S. and Russia have found themselves teaming up for the first time in the war in Syria — against a country both call an ally: Turkey.
Life on the Home Planet
Why Virgin Orbit's new president isn't worried about a bubble in the small satellite market (Los Angeles Times)
It seems like everyone wants their own swarm of small satellites.
SpaceX, OneWeb, Boeing Co. and other companies have proposed putting constellations of small satellites in low-Earth orbit that could provide greater Internet access in previously hard-to-reach areas of the globe.
Islamic State leader Baghdadi abandons Mosul fight to field commanders, U.S. and Iraqi sources say (Reuters)
U.S. and Iraqi officials believe the leader of Islamic State, Abu Bakr al-Baghdadi, has left operational commanders behind with diehard followers to fight the battle of Mosul, and is now hiding out in the desert, focusing mainly on his own survival.
As Trump Makes Threats, Iran Makes Friends (Bloomberg)
Nigerian carpenter Bashir Muhammad has never been to Iran, but he would fight to the death for the country.
“If Iran wants our help, we are ready to go and help it, even with our blood,” he said. “Donald Trump needs to know that Iran has followers all over the world ready to help defend it against America.”
As North Korea missile threat grows, Japan lawmakers argue for first strike options (Reuters)
Rattled by North Korean military advances, influential Japanese lawmakers are pushing harder for Japan to develop the ability to strike preemptively at the missile facilities of its nuclear-armed neighbor.
