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Your Daily BriefOctober 28th, 2022 |
Good morning, and happy Friday! Since you’re likely gearing up to celebrate Halloween this weekend (even though it falls on Monday…boo), did you know that the history of the spooky holiday dates back 2,000 years? Halloween’s origins can be traced to the ancient Celtic festival of Samhain, a tradition at the end of summer when people would light bonfires and wear costumes to ward off ghosts that came back to haunt them. Pretty cool stuff! Anyway, here’s what we have for you:
In Today’s Brief
- Iraq: Approves new government
- Hawaii: Mauna Loa eruption warning
- Oscar Isaac: Publishes comic book
- Meta: Lowest stock price since 2016
- MrBeast: Seeking $150M in funding
- Top Tips: Elon Musk closes Twitter deal, US economy grows in Q3, ECB issues second consecutive 0.75% rate hike
Elon Musk completes Twitter acquisition deal
Tesla and SpaceX CEO Elon Musk finalized the deal to purchase social media company Twitter for $44B last night.
In April, Musk–the world’s wealthiest individual–entered into an agreement with Twitter to take the company private for $54.20 per share. He then attempted to back out of the deal, and in October, agreed for a second time to proceed with the purchase. In a message to advertisers he posted yesterday, Musk said he acquired Twitter “because it is important to the future of civilization to have a common digital town square, where a wide range of beliefs can be debated in a healthy manner, without resorting to violence.”
In one of his first moves as the owner of Twitter, Musk fired several top executives, including CEO Parag Agrawal, CFO Ned Segal, general counsel Sean Edgett, and head of legal policy, trust, and safety Vijaya Gadde, according to sources familiar with the matter.
GDP report shows that US economy grew in third quarter
Economic growth in the United States rebounded during the third quarter after six months of declines, according to data released by the Commerce Department.
According to yesterday’s report, U.S. gross domestic product (GDP) grew at an annualized rate of 2.6% between July and September. The “annualized” rate means that if Q3’s pace of growth lasted for a full year, the U.S. economy would have grown 2.6% by the end of that time. Exports drove part of the growth by increasing at an annual rate of 14.4%, per the report, which also showed that consumer spending slowed to a 1.4% annual growth rate in Q3, compared to a 2% increase from April through June.
Meanwhile, residential investment fell by an annualized rate of 26.4% in Q3, and the average interest rate on a fixed 30-year mortgage surpassed 7% this week to reach its highest level since 2001.
European Central Bank raises rates by 75 bps for second straight month
The European Central Bank raised interest rates by 75 basis points (0.75%), marking the second consecutive rate hike of this level amid rising inflation.
In a press release, the ECB said inflation in the 19 countries that use the euro reached 9.9% in September, driven by “soaring energy and food prices, supply bottlenecks and the post-pandemic recovery in demand.” In addition to the rate hike, the ECB also announced it was changing the terms and conditions of low-interest loans it offers to banks called TLTROs–short for “targeted longer-term refinancing operations”–which will result in rising costs of lending for banks.
With yesterday’s increase, the deposit rate for the ECB climbs to 1.5%, marking its highest level since 2009. During a news conference, ECB president Christine Lagarde said that rates would continue to rise for “several meetings” to bring inflation in the eurozone down to the bank’s target of 2%.
Around the Globe
- Russian President Vladimir Putin delivered a speech at the country’s annual Valdai forum in which he said that the world faces “probably the most dangerous, unpredictable and, at the same time, important decade since the end of World War Two,” and added that Western powers would “have to talk” to Russia about the future of the world
- The European Union’s executive arm, parliament, and member states have reached a deal to require carmakers to hit zero-emissions targets by 2035 in order for the vehicles to be sold in the EU from that point onwards
- Lawmakers in Iraq approved a new government to end more than a year of deadlock and designated Mohammed Shia al-Sudani as Prime Minister; Sudani previously served as the country’s human rights minister as well as minister of labor and social affairs
On the Homefront
- Hawaii officials have issued a warning to residents of the Big Island that Mauna Loa is sending signals that it may erupt given a recent spike in earthquakes at the volcano’s summit; Mauna Loa is the world’s largest active volcano and last erupted in March 1984
- Laura Kavanagh was sworn in as the head of the New York City Fire Department and is the first female commissioner in the agency’s 157-year history; Kavanagh will oversee its 17,000 employees, including firefighters, EMTs and paramedics, along with a $2B budget
- Consulting firm McKinsey & Co has agreed to settle claims by hundreds of local governments and school districts around the U.S. that it contributed to rising levels of opioid addiction through its work for OxyContin maker Purdue Pharma and other drug companies
Glitz & Games
- Actor Oscar Isaac released his debut graphic novel entitled Head Wounds: Sparrow through Legendary Comics, the publishing arm of the production company behind films such as Godzilla vs. Kong, Dune, Enola Holmes, and more
- Football club Arsenal confirmed that 29-year-old defender Pablo Mari was hospitalized in Italy yesterday with non-serious injuries after being stabbed at a Milan shopping center; per local reports, Mari was one of five people stabbed, and one person was confirmed dead
- Donda Academy, the private school outside of Los Angeles founded by Kanye West, announced that it will close for the remainder of the 2022-2023 school year effective immediately “at the discretion” of its founder, according to an email that Principal Jason Angell sent to parents
Business & Markets
- Stocks ended mixed yesterday, with the Dow Jones index closing in positive territory and the Nasdaq closing down 178 points (Dow +0.61%, Nasdaq -1.63%, S&P 500 -0.61%)
- Meta stock (NASDAQ: META) fell by 24.56% during yesterday’s trading session after reporting declining year-over-year quarterly revenue and profits; shares of the company reached their lowest price since 2016 to close at $97.94
- Chipmaker Intel (NASDAQ: INTC) announced a plan to reduce costs by up to $10B by 2025, including cutting jobs and making improvements in efficiencies; shares rose by as much as 7% during after-hours trading
How a reusable water bottle can turn the tap off ocean-plastic
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Tip & Tricks
- Bump This: Rihanna has delivered on her promise and dropped the new single “Lift Me Up” off the Black Panther: Wakanda Forever soundtrack - listen on Apple Music and Spotify
- Chow Down: If you’re feeling something easy and light this weekend, check out this recipe for really green smoothies that will fill you up without leaving you feeling like you need to unbutton your pants
- Belly Laugh: Fridays are for having fun - check out some of these hilarious puppy photos that are sure to start your day off with a smile
- Cash Grab: YouTube creator MrBeast–real name Jimmy Donaldson–is reportedly looking to raise $150M in a funding round for his YouTube channels and various other ventures that would value his businesses together at $1.5B (not bad for a 24-year-old making videos with his buddies)
- Say What: “I bought a lot of rubbish things that kids buy: skateboards and clothes and typical teenage stuff. And, as soon as I could, I wasted a lot of money on cars–BMWs mostly–for myself and my family,” actor Tom Felton said in an interview regarding playing Draco Malfoy in the Harry Potter franchise, for which he earned over $16M for a total of 31 minutes of screen time across eight films (that math comes out to just under $452K per minute…seriously)
- Hot Goss: Matthew Perry issued an apology after parts of his upcoming memoir were released in which he poses the question: “Why is it that the original thinkers like River Phoenix and Heath Ledger die, but Keanu Reeves still walks among us?” (uh oh–here comes John Wick: Chapter 5)
- Life Hack: Prioritizing physical fitness is an investment in yourself that’s sure to pay dividends as you age, but staying consistent can be a challenge - check out this list of the 26 best fitness tips of all time to help keep you motivated through the weekend
Looking Back…
On October 28th: U.S. President Grover Cleveland dedicates the Statue of Liberty in New York Harbor (1886); the Gateway Arch in St. Louis, Missouri is completed (1965); Great Britain launches Prospero, its first Earth satellite (1971); American computer programmer and entrepreneur Bill Gates is born (1955).
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