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Your Daily BriefOctober 21st, 2022 |
Good morning, and happy Friday! Did you know that toxic workplaces are bad for your health? According to new guidance from U.S. Surgeon General Vivek Murthy’s office, long hours, limited autonomy, and low wages can contribute to chronic stress. Chronic stress can lead to sleep disruption, which then may lead to conditions like heart disease and depression. Talk about a slippery slope we’ve got to look out for! Anyway, here’s what we have for you:
In Today’s Brief
- Ukraine: Preparing for more blackouts
- Homes: Sales fall for eighth straight month
- Astros: Beat Yankees in Game 2 of ALCS
- Snap Inc: Shares fall after-hours
- Alzheimer’s: Exercise as potential treatment
- Top Tips: UK Prime Minister Liz Truss resigns, Kevin Spacey found not liable for battery, Hans Niemann files lawsuit against Magnus Carlsen and others
Liz Truss resigns as Prime Minister of the UK after 44 days in office
UK Prime Minister Liz Truss, who was elected on September 6th to succeed former Prime Minister Boris Johnson, has announced her resignation after 44 days in office.
Truss faced criticism for a plan she brought forth alongside then-Finance Minister Kwasi Kwarteng which included £45B in tax cuts, funded by borrowing. The plan sparked a decline in financial markets and caused the British pound to lose value, and members of her party called for her resignation. Meanwhile, inflation in the United Kingdom again reached a 40-year high hit in July with the consumer price index (CPI) increasing by 10.1% year-over-year last month, according to the UK’s Office for National Statistics.
Until now, the shortest-serving Prime Minister was George Canning, who spent 119 days in office. Whoever is chosen as Truss’ successor from the Conservative Party will become the fifth prime minister since the UK voted to leave the EU in the Brexit referendum of 2016.
Kevin Spacey found not liable for battery in civil trial
A federal jury in New York found Kevin Spacey not liable in a battery claim brought forth by Anthony Rapp, who accused Spacey of making sexual advances on him when he was 14.
Rapp’s lawsuit against Spacey sought $40M in damages and alleged that Spacey sexually assaulted him at a party in 1986. Before the trial started, Judge Lewis Kaplan dismissed Rapp’s claim of sexual assault and dismissed his claim of intentional infliction of emotional distress after Rapp’s attorneys rested his case. As a result, the jury was left to decide only the battery claim. Jurors decided that Rapp hadn’t proven his allegations during the trial, and therefore found Spacey not liable.
Spacey has faced other allegations of sexual misconduct on top of Rapp’s, including an ongoing case in the UK, where Spacey pleaded not guilty in July to charges of sexually assaulting three men. He is expected to face trial there next year.
Chess grandmaster Hans Niemann files $100M lawsuit over cheating claims
Hans Niemann, a 19-year-old American chess grandmaster, has filed a lawsuit against world champion Magnus Carlsen, Chess.com, and others for accusing him of cheating.
After world champion Carlsen posted a tweet claiming that “Niemann has cheated” on more than one occasion–including during their match at the Sinquefield Cup, which Carlsen lost–Chess.com published a report in which it said Niemann “likely cheated” in at least 100 online games. Niemann previously admitted to cheating once when he was 12 years old and a second time when he was 16. Per his filing, Niemann seeks no less than $100M in damages from the defendants, who he accused of “unlawfully colluding to blacklist him from the profession to which he has dedicated his life.”
Latham & Watkins, the law firm representing Chess.com, said in a statement that Niemann’s allegations are “meritless” and that the company is “saddened by his decision to sue because it hurts the game of chess.”
Around the Globe
- Ukraine’s national energy company, Ukrenergy, told citizens to “charge everything” by this morning to prepare for expected power cuts caused by Russian missile strikes; according to Ukrenergy, outages of up to four hours at a time will affect the whole country starting today
- Hyundai Motor Co is investigating child labor violations in its U.S. supply chain and plans to cut ties with suppliers in Alabama that were found to have relied on underage workers in an investigative report in July - see the report here
- At least 60 people lost their lives yesterday when security forces in the African country Chad opened fire on anti-government demonstrators in the country’s two largest cities, according to a government spokesman and a morgue official
On the Homefront
- Sales of existing homes fell 1.5% in September from August to a seasonally-adjusted annual rate of 4.71M units, marking the eighth straight month of sales declines, per a report from the National Association of Realtors (NAR); according to NAR, sales were lower in September by 23.8% year-over-year
- The body of Misrach Ewunetie–a 20-year-old Princeton University student who had been missing since October 14th–was discovered by a school employee behind the university's tennis courts yesterday, according to an announcement from the Mercer County Prosecutor's Office - see Princeton’s press release here
- Former Treasury Secretary Steve Mnuchin testified in defense of former Trump inaugural chair Tom Barrack, who is accused of illegally lobbying the Trump administration on behalf of the United Arab Emirates (UAE); Mnuchin, in his testimony, said Barrack had put himself at odds with the UAE by expressing support for Qatar in the 2017 blockade brought against the country by the UAE, Saudi Arabia, and others
Glitz & Games
- The Houston Astros defeated the New York Yankees with a final score of 3-2 in Game 2 of the ALCS; the San Diego Padres face the Philadelphia Phillies tonight in Game 2 of the NLCS
- Amazon has canceled As We See It, the eight-episode comedy-drama series from Jason Katims about living on the autism spectrum, after one season
- Fanatics CEO Michael Rubin sold his 10% stake in Harris Blitzer Sports & Entertainment (HBSE), which has ownership stakes in the Philadelphia 76ers, New Jersey Devils, and the English Premier League’s Crystal Palace; David Adelman bought a share of Rubin’s previous stake in HBSE, according to sources familiar with the matter - see Adelman’s tweet announcing the purchase here
Business & Markets
- Major indexes in the stock market closed lower for the second day in a row, with the S&P 500 leading the losses (Dow -0.30%, Nasdaq -0.61%, S&P 500 -0.80%)
- Cryptocurrency service provider Prime Trust agreed to return $17M to crypto lending platform Celsius that it allegedly withheld; per a lawsuit filed by Celsius in August, Prime Trust held $119M of Celsius’ assets when the two terminated their contract in June 2021 and “refused to fulfill its obligation” by transferring the $17M in crypto assets when the contract was dissolved - see Celsius’ lawsuit filing here
- Snap Inc (NYSE: SNAP) reported a net loss of $360M during its Q3 earnings call and announced a $500M buyback program while saying the company expects that “year-over-year revenue growth will be approximately flat” next quarter; share prices declined by more than 25% in after-hours trading - see the earnings report here
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Tip & Tricks
- Bump This: “Slowly” by Toronto-based R&B singer-songwriter JON VINYL has all the smooth and sultry vibes you need to wrap up the workweek - listen on Apple Music and Spotify
- Chow Down: If you’re ready to splurge on a homemade breakfast this weekend that’s still easy to prepare, check out this recipe for chocolate banana baked oatmeal that will leave you never looking at oatmeal the same way again
- Belly Laugh: Check out some of the hilarious photos shortlisted for the 2022 Comedy Wildlife Photography Awards, including a farting zebra, a horrified monkey, and a penguin saying, “Talk to the hand!” (trust us–you’re not going to want to miss out on seeing that last one)
- Go Deep: Read about how researchers from the University of Wisconsin-Madison determined that exercise could be the best potential way to treat Alzheimer’s disease after studying over 250 potential treatment datasets
- Say What: “I think I was more selfish then. I wasn’t a great partner at the beginning of our relationship, even though I was very into her and very excited to be with her, I was still selfish. I was in my mid-20s, still not ready to fully be the committed partner that I am now,” singer John Legend said when reflecting on the early part of his relationship with his wife Chrissy Teigen on an episode of the podcast On Purpose With Jay Shetty
- Hot Goss: Tesla and SpaceX CEO Elon Musk is reportedly planning to lay off 75% of Twitter’s workforce–about 5,600 employees–after his deal to acquire the social media company for $44B closes (wow–that gives a whole new meaning to the phrase “trimming the fat”)
- Life Hack: Finding happiness is a subjective, elusive, and often-overlooked pursuit in our day-to-day lives - check out these three easy tips from a serial entrepreneur to help you achieve genuine happiness and success
Looking Back…
On October 21st: Explorer Ferdinand Magellan and three Spanish ships enter the strait later named after him that links the Atlantic and Pacific Oceans (1520); Frank Lloyd Wright-designed Guggenheim Museum opens in New York City (1959); musical film My Fair Lady starring Rex Harrison and Audrey Hepburn has its world premiere (1964); American author Ursula K. Le Guin is born (1929).
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