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Your Daily BriefNovember 11th, 2022 |
Good morning, and happy Friday! Did you know that FTX founder and CEO Sam Bankman-Fried lost $14.6B in one day after rival crypto exchange firm Binance backed out of plans to bail out his company this week? Apparently, the drop in the 30-year-old Bankman-Fried’s wealth is the biggest single-day net worth collapse…well, ever. Next time you find yourself having a bad day, just think about that!
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In Today’s Brief
- UK: Long-term sickness in workforce
- Hurricane Nicole: Two confirmed deaths
- Washington Commanders: Hit by lawsuit
- Stocks: Best day since April 2020
- Paul Allen: Art collection fetches $1.5B
- Top Tips: October inflation report, Alex Jones owes more, piece of Challenger found on ocean floor
U.S. inflation rose by 7.7% in October compared to the same period last year
Inflation as measured by the Consumer Price Index (CPI) rose by 7.7% in October compared to last year and 0.4% from the month prior, per a report from the Bureau of Labor Statistics.
According to the Labor Bureau’s report, energy prices rose 17.6% year-over-year, and the index for food rose 10.9% from October 2021 levels. Other categories that saw price increases in the 30 days between September and October include transportation services (+0.8%), recreation (+0.7%), and personal care (+0.5%). “Core” inflation–which removes the food and energy components of the report–increased by 6.3% compared to the same period last year, and rose 0.3% in October after rising 0.6% in September.
October’s 7.7% annualized rise in the CPI reflects the smallest year-over-year increase since January. Price categories that decreased in October are airline fares (-1.1%), apparel (-0.7%), and medical care (-0.5%).
Alex Jones ordered to pay an additional $473M in Sandy Hook trial
A judge ordered radio host Alex Jones and his company Free Speech Systems to pay the families of eight victims of the 2012 Sandy Hook school shooting an additional $473M in damages over claims that the incident was a hoax.
In a 45-page ruling, Connecticut Judge Barbara Bellis wrote, “The record clearly supports the plaintiffs' argument that the defendant’s conduct was intentional and malicious, and certain to cause harm by virtue of their infrastructure, ability to spread content, and massive audience including the infowarriors.” The punitive damages include $150M for violations of Connecticut’s Unfair Trade Practices Act and about $322M for the plaintiffs’ attorney fees and costs.
Jones was ordered by a Connecticut jury in October to pay $965M in damages to the families, and was also ordered to pay the parents of a 6-year-old boy killed in the shooting $49.3M in damages as part of a separate lawsuit in Texas. With yesterday’s ruling, Jones now owes over $1.4B in damages.
Section of destroyed Challenger shuttle found at bottom of Atlantic
More than 36 years after it exploded after liftoff on January 28th, 1986, a section of the destroyed space shuttle Challenger has been found on the Atlantic Ocean floor.
NASA’s Kennedy Space Center announced the discovery yesterday. In a statement, NASA said the “artifact was discovered by a TV documentary crew seeking the wreckage of a World War II-era aircraft. Divers noticed a large humanmade object covered partially by sand on the seafloor.” After the crew contacted NASA because of the item’s proximity to Florida’s Space Coast along with its “modern construction and presence of 8-inch square tiles,” NASA confirmed it was part of the Challenger shuttle.
An investigation into the explosion revealed that Challenger was brought down by eroded O-ring seals in the right booster. All seven individuals on board died, including the first schoolteacher bound for space, Christa McAuliffe. Roughly 107 metric tons of debris from the shuttle have since been recovered, representing about 47% of the entire vehicle.
Around the Globe
- President Biden and Chinese President Xi Jinping will meet in person on Monday in Bali, Indonesia for the first time since Biden took office in 2021 to “discuss efforts to maintain and deepen lines of communication” between the U.S. and China, per a statement from the White House - see the White House statement here
- The number of people who have dropped out of Britain’s job market since 2019 due to a long-term illness or mental health reasons has risen by about 25%, according to the Office for National Statistics (ONS); according to yesterday’s report from the ONS, around 2.5M people reported long-term sickness as the main reason for economic inactivity between June and August of this year
- Chilean police searching for University of Warwick professor Tom Marsh–who went missing during a visit to La Silla Observatory in September–say they have found his body about three miles from the observatory in the country's Atacama desert; authorities have not yet revealed a cause of death
On the Homefront
- 31 seats in the House of Representatives are too close to call and hundreds of thousands of ballots are still being counted in the state of Arizona as of last night, according to election officials; Senate majority is also still too close to call in Nevada and Arizona, while Georgia heads to a runoff on December 6th - follow along with the results here
- At least two people have lost their lives and over 300,000 homes and businesses have been left without power after Hurricane Nicole hit Florida early yesterday morning; Nicole has since been downgraded to a tropical storm, though a state of emergency and evacuation orders remain in place as of last night
- Mortgage rates dropped below 7% yesterday after the Labor Bureau’s October inflation report, prompting a decline in bond yields; the average rate on the 30-year fixed loan fell 60 basis points from 7.22% to 6.62%, according to an analysis from Mortgage News Daily
Glitz & Games
- A jury ordered Academy Award-winning filmmaker Paul Haggis to pay at least $7.5M to a woman who accused him of sexually assaulting her in his New York apartment in 2013; the jury also plans to award additional punitive damages, with the amount to be decided at a later date
- Washington, D.C. Attorney General Karl Racine said that his office has filed a civil complaint against the Washington Commanders, owner Dan Snyder, the National Football League, and NFL commissioner Roger Goodell; Racine’s suit accuses the team, Snyder, the NFL, and Goodell of colluding to deceive D.C. residents about an investigation into toxic workplace culture within the Commanders
- Universal Pictures has acquired the rights to This Bird Has Flown, the upcoming debut novel from The Bangles lead singer Susanna Hoffs; Hoffs is reportedly set to adapt the novel into a screenplay for the project
Business & Markets
- Stocks rose after the Labor Department’s October inflation report, with the S&P seeing its largest single-day gain since April 2020 (Dow +3.70%, Nasdaq +7.35%, S&P 500 +5.54%)
- Cathie Wood’s flagship ARK Innovation ETF–with $6.9B assets under management–jumped more than 14% during yesterday’s trading session, marking the fund’s best-performing day since its inception in 2014
- Elon Musk yesterday ended remote work at Twitter in his first company-wide communication to his staff since he assumed ownership on October 27th, and held a meeting in which he said that “bankruptcy isn't out of the question,” according to sources who attended the event
How a reusable water bottle can turn the tap off ocean-plastic
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Tip & Tricks
- Bump This: Is it gettin’ Hot in Herre like it’s 2003? Nelly is back with the banjo-laden track “Birthday Girl” with country singer Chris Lane - listen on Apple Music and Spotify (and if today is in fact your birthday, happy birthday!)
- Go Deep: Today's date is 11/11, which may (or may not) represent a most auspicious number - read up on what numerologists believe it means if you keep seeing 1111 and how to work with it
- Cash Grab: Late Microsoft co-founder Paul Allen’s collection of paintings and sculptures including works by artists such as Paul Cézanne and Vincent van Gogh fetched a total of $1.5B at auction; the total represented the single biggest art sale ever, according to Christie’s auction house in New York
- Good News: Watch this heartwarming video of the moment that tourists saved a sea turtle tangled in a rope on a beach in Bali and helped guide it back into the water
- Say What: “I’m sorry. That’s the biggest thing. I f****d up, and should have done better,” FTX CEO and founder Sam Bankman-Fried said in a series of tweets yesterday, one day after rival cryptocurrency exchange Binance walked back plans to acquire his company amid a liquidity crunch
- Hot Goss: Rainn Wilson–known for his role as Dwight in the U.S. version of The Office–has changed his name to “Rainnfall Heat Wave Extreme Winter Wilson” in a climate-related stunt (we think it’s a bit on the nose, but hey…it’s your life, Rainnfall)
- Life Hack: There are a bunch of other ways to incorporate relaxation into your days that don’t involve sleeping - check out these three practices for emotional release to help promote calm and relieve anxiety during your busy schedule
Looking Back…
On November 11th: World War I comes to an end after Germany signs an armistice agreement with the Allies in a railroad car outside Compiégne, France (1918); Washington is admitted to the union as the 42nd U.S. state (1889); the Church of England approves the ordination of female priests (1992); American novelist Kurt Vonnegut is born (1922).
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