Bloomberg Businessweek US - January 16, 2023
Bloomberg Businessweek US - January 16, 2023
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A venti-size to-do list for Starbucksâs incoming CEO.
The death of cheap money brings an outpouring of financial grief.
The Inflation Reduction Act puts carbon capture into high gear..
Anybody Worried?
The pillars of prosperity have crumbled, and it's not clear they can be rebuilt
6 mins
The Biden Agenda for 2023
For Joe Biden, 2022 was a turnaround year. He entered it bruised and stumbling as inflation soared, Covid-19 raged and Russia invaded. By the end, he and fellow Democrats had secured a series of victories in Congress, staved off the customary midterm election massacre and beat back skeptics within the party, helped by a resilient job market and receding inflation. Itâs left Biden in a buoyant mood heading into 2023, emboldened and all but certain, at age 80, to announce a reelection bid soon.
5 mins
Hot Seat: Bank of Japan
Haruhiko Kuroda, the longest- serving Bank of Japan governor, is set to step down in April. Over the past decade, Kuroda oversaw one of the worldâs most radical experiments in monetary policy, including yield curve control, in which a central bank commits to buying government bonds in order to keep yields at a target interest rate.
1 min
Brazil Has Investors on Edge
New presidents usually start by trimming spending before loosening the purse strings toward the end of their term. But Brazilâs Luiz Inácio Lula da Silva is kicking off his government with a fiscal blast and asking investors to trust heâll balance the budget later.
2 mins
China Needs to Fire Up Its Consumers
Chinaâs U-turn on Covid Zero is a big deal. But Beijing needs do more if it wants to push economic growth anywhere near the pre-pandemic rate of 6% a year.
4 mins
A Path Out of Poland's Isolation
Voters in Poland will head to the polls this fall. The results of the election could ripple through the rest of the European Union.
3 mins
Supreme Court Weighs In On Social Media
A set of US Supreme Court cases could transform the legal landscape for social media companies by the end of the courtâs term in late June, with potentially wide-reaching implications for political discourse and the 2024 elections.
3 mins
STARBUCKS COULD REALLY USE SOME CAFFEINE THIS YEAR
The prospect of union drives at its thousands of US coffee shops may be the most visible challenge facing Laxman Narasimhan when he takes over the worldâs largest coffee chain on April 1, but itâs hardly the only one.
3 mins
Return of the Jumbos!
As global air travel comes roaring back from its pandemic-induced slump, airlines are racing to provide enough capacity, particularly for premium tickets on the long-haul flights enjoying a stronger-than-expected rebound.
3 mins
VEHICLE DEFLATION IS PUTTING THE BRAKES ON THE USED-CAR MARKET
Right before the global financial crisis, former Citigroup Inc. Chief Executive Officer Chuck Prince famously said that as long as the music is playing, youâve got to get up and dance. In the pandemic-era car-buying frenzy, no business spent more time on the dance floor than the global auto industry, which had never before enjoyed so much pricing power.
5 mins
HOLLYWOOD HOPES FOR A RETURN TO THE OLD NORMAL
In 2021, as the pandemic raged, the talk of Hollywood was Project Popcorn: an initiative from WarnerMedia (then owned by AT&T Inc.) to simultaneously release all its films in theaters and on its HBO Max streaming service.
3 mins
TECHNOLOGY DOWN WITH THE AD DUOPOLY
For more than a half-decade, Alphabet Inc. and Meta Platforms Inc. have ruled the digital advertising marketâthe money machine that funds the modern internet. Theyâve collected more than half of all online ad dollars, year after year, to the point that competitors and regulators feared there would be no realistic way to break their hold.
4 mins
TRAINING YOUR REPLACEMENTS
In November a lawyer and computer programmer named Matthew Butterick sued the tech companies GitHub, Microsoft and OpenAI, saying a tool called GitHub Copilot that automatically generates computer code is essentially plagiarizing the work of human software developers in a way that violates their licenses.
4 mins
XI'S LONG GAME ON CHIPS
Chinaâs government is protecting some of its chipmakers by spending lavishly to shore them up, just as weak demand is making it hard for chip manufacturers across the globe.
3 mins
SWALLOWING THE STARTUPS
The conventional goal for startup founders is to take their company public, with a top consolation prize being a lucrative sale to a larger company.
2 mins
HOT SEAT: Masayoshi Son
For years, SoftBank Group Chief Executive Officer Masayoshi Son directed unprecedented sums of money to hundreds of startups, inflating valuations worldwide by forcing rivals such as Tiger Global Management and Sequoia Capital to match his big bets.
1 min
R.I.P. Cheap Money (2008-22)
Cheap money-an incredibly popular and influential feature of finance that led to a surge of wealth, speculative trading and booms in ridiculous investments such as meme stocks and digital images of cartoon monkeys died suddenly in 2022. It was 14 years old. Cheap money is survived by its estranged relative, expensive money.
4 mins
The Reeducation of Young Bankers
Life on Wall Street has been so smooth for Drew Pettitâs generation that the 33-year-old Citigroup Inc. strategist decided to study financial pain. He started reading âthe most bearish, miserable set of books I could potentially find.â
5 mins
Private Credit Prepares for Its Big Test
War, inflation and recession fears proved to be devastating for financial markets in 2022. Yet in private credit-one of the most opaque corners of Wall Street, where small groups of institutions and financiers make loans directly to companiesâthe picture has never looked brighter.
3 mins
The Year of the Corporate Bond, Finally
Investors found few places to hide from last yearâs demolition derby, which hit corporate bonds harder than it did stocks on a global basis. But if Wall Streetâs credit managers and prognosticators are right, 2023 will be the year that corporate bonds boom.
2 mins
Real Estate Recovery? Depends Where You Live
For millions of Americans, the end of cheap money hit homeâliterally. The Federal Reserveâs rapid-fire interest-rate increases paralyzed the housing market as buyers decided to wait for lower prices and relief from mortgage rates that had doubled. Would-be sellers kept inventory scarce by clinging to low-interest loans and memories of home values that hit records in the pandemic. Pending sales plunged 39% in November from a year earlier to the second-lowest level on recordâbehind only April 2020, when the US was locked down.
3 mins
Carbon Capture GOLD RUSH
Past efforts to capture carbon dioxide so it doesnât worsen climate change have been small-scale and littered with expensive failures. But supporters say the new tax incentives in the US Inflation Reduction Act (IRA) are transformative enough that, combined with the lessons of the past 20 years, the technology is finally ready to take off.
4 mins
Here Comes the US Battery BOOM
If President Joe Biden gets his way, this year will kick off a bonanza of battery manufacturing across the US.
3 mins
Another OILY COP
The annual climate conference known as COP (for Conference of the Parties, in United Nations-speak) will take place from late November to mid-December in Dubai.
1 min
Green Shoots Amid Europe's ENERGY WOES
After Russia invaded Ukraine in February, European governments vowed to slash their dependence on imported natural gas and speed the shift to clean energy.
2 mins
CLIMATE SCIENCE Leaves the Lab
A chemist at Stockholm University first scrawled out equations describing the greenhouse effect in 1896. Since then climate science has steadily advanced largely at research institutions and government agencies. They were the only places with the expertise, interest and budgets to fund research into geophysics and, later, computer models that simulated climatic changes.
2 mins
Your Home Will Become a Power Plant
A home can be many thingsâa refuge, an investment, a money pit. So why not a power plant? In 2023 more US homes equipped with solar panels and batteries will start generating surplus electricity they can sell to their local utility.
3 mins
Hot Seat: ESG investing
Only a year ago, finance executives were waxing lyrical about environmental, social and governance investing, or ESG, a strategy that weighs risks from societal problems such as climate change and inequality and spots ways to profit from addressing them.
1 min
Pursuits â A Bold Epoque for Art in Paris
Paris was crowned Europeâs preeminent contemporary art capital in October, when the international jet set descended for the inaugural edition of the inelegantly named Paris+ par Art Basel fair.
4 mins
F1 to Women: We want you
Only five women have competed in Formula One. The last one to start in an F1 race was Lella LombardiââŠâin 1976. A former delivery van driver for her familyâs butcher shop in Italy, Lombardi won fans with her punishing speed and grit. When a journalist asked her how it felt to pilot such big cars, she replied, âI donât have to carry it, I just have to drive it.â
3 mins
HOT SEAT DAVID ZASLAV
Stop, drop and roll, David Zaslav.
1 min
Upcycled Flour Is Rising To Meet the moment
About 50 miles north of London, Cambridge Science Park has earned the nickname âSilicon Fen.â The Fenlands region office hub is the UK home to Amgen Inc., AstraZeneca Plc and other biotech companies.
4 mins
Why You'll Want to Extend Your Stay at Extended-Stay Hotels
Traditionally, residence hotels have targeted either the jet-setterâtake the $8,000-a-night Hyde Park suite at Mandarin Oriental Londonâor, as with the $95-a-night Hawthorn Suites by Wyndham in Sterling, Virginia, the budget-conscious business traveler.
3 mins
Are You Ready for Some Big Data?
When the National Football League began seriously studying concussions six years ago, its focus initially was head trauma. Radio-frequency identification (RFID) tags were placed in helmets, shoulder pads and even mouthpieces to gather metrics about each playerâs speed, distance, orientation and the direction his head moved. (The tags are placed on every player for all games and practices.)
2 mins
Bloomberg Businessweek US Magazine Description:
åºç瀟: Bloomberg LP
ã«ããŽãªãŒ: Business
èšèª: English
çºè¡é »åºŠ: Fortnightly
Bloomberg Businessweek delivers the business information you need: surprising and timely perspectives on the most important issues of today and unique stories you wonât find anywhere else. With Bloomberg Businessweek you'll have the insights you need to take advantage of the new reality and thrive in today's complex global economy.
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