Good morning. While Argentina and France will duke it out for the World Cup title tomorrow, the real winner of this tournament is the UK. For the first time ever, no fans from England or Wales were arrested at a World Cup, according to the head of the UK's football police. "The behavior of England and Wales out in Qatar was absolutely exemplary," Chief Constable Mark Roberts of the Cheshire Police said. Still, it seems important to point out that this was the first World Cup where fans couldn't drink alcohol in stadiums… —Neal Freyman, Jamie Wilde, Matty Merritt, Sam Klebanov, Max Knoblauch, Abby Rubenstein | | | |  | Nasdaq | 10,705.41 | | | | | S&P | 3,852.36 | | | | | Dow | 32,920.46 | | |  | 10-Year | 3.489% | | | | | Bitcoin | $16,634.49 | | | | | Ford | $12.12 | | | | *Stock data as of market close, cryptocurrency data as of 12:00am ET. Here's what these numbers mean. | - Markets: Stocks slumped for the third day in a row yesterday, closing down for the second straight week as investors continued to worry about a possible recession due to the Fed's rate hikes. Ford's share price was among those that fell after the automaker announced its third price increase this year for the F-150 Lightning electric pickup because of the cost of raw materials.
| | | | Anadolu Agency/Getty Images Sports, like religion, have sometimes been criticized as an "opiate of the masses" for having the power to distract people from their real-world problems. Right now in Argentina, it appears to be somewhat true. Despite the country's swirling economic and political troubles, soccer-obsessed Argentines have been focused on little else but their beloved Lionel Messi beating France tomorrow and claiming the World Cup title. "Football is our salvation. Everything around us is getting worse, yet this week we're all joyful," one fan told the FT. So what's getting worse in Argentina? - The economic situation, for one. Nearly 40% of Argentines live below the poverty line, and annual inflation is expected to reach more than 100% in December.
- Other problems include: a drought that's hammering crops, unsustainable debt loads, and political unrest after Vice President Cristina Fernández de Kirchner was convicted of corruption.
Being ticked off with the government is nothing new for Argentines, who tend to protest at the end of the year in a ritual known as the "December effect." This December, the streets are again full—not with protesters, but with fans cheering on the Albiceleste, as Argentina's soccer team is known. Argentina isn't the only economically hobbled country rallying around soccer. Moroccans, too, brushed aside their anger over skyrocketing prices to get behind their team's magical World Cup run. "The Moroccan team has made us forget about our problems and the high cost of living," a delivery worker told Africanews. A victory could mean more than a morale boost The country that wins the World Cup typically experiences an extra 0.25% bump in economic growth in the two quarters after the tournament, per new research from Marco Mello at the University of Surrey. That pick-me-up can mainly be attributed to an increase in exports as the country elevates its brand on the global stage. So, for instance, you might be more inclined to drink an Argentine Malbec over a Côtes du Rhône should Messi and the squad prevail tomorrow. Bottom line: A World Cup victory will do little to cure Argentina's long-standing economic and political challenges. But "even briefly," Argentine writer Ariel Scher told Agence France-Presse, "it dazzles us with something that leaves a lasting memory."—NF | | TOGETHER WITH CAPITAL ONE | | For many explorers, the only thing better than adventure itself is getting rewarded for it. That's where Capital One's Venture X card comes in. From enhanced earn on travel to access to 1,300+ airport lounges, Venture X has plenty of perks that make it a no-brainer choice. And through May 16, 2023, cardholders can earn 10x miles when booking a car on Turo, the world's largest peer-to-peer car sharing platform. Dreaming of cruising the coastline in a classic sports car? Or taking a family road trip in a roomy SUV? Turo's on the ground in over 7,500 cities across the US, UK, Australia, and Canada, making it easy to find the ideal whip for your adventures. Learn more + start earning those miles. | | Stacy Revere/Getty Images  Brittney Griner will return to the WNBA. The basketball star took to Instagram yesterday to make her first public statement since being freed from a Russian prison and returned to the US through a prisoner swap, saying she plans to play for the Phoenix Mercury again this season. "[I]n doing so, I look forward to being able to say 'thank you' to those of you who advocated, wrote, and posted for me in person soon," the Olympic gold medalist said. Griner also said she wants to use her platform to help other Americans detained abroad, including the ex-Marine Paul Whelan, who remains in Russia.
 Accounting firm Mazars Group is taking a vacation from crypto. The auditor is pausing all work with crypto clients, including Crypto.com and Binance. The crypto exchanges had retained Mazars to work on proof-of-reserves reports, which make sure the exchanges are actually solvent and not pulling an FTX. Binance was banking on Mazars being able to quell public anxiety about its solvency, which led customers to pull $6 billion from the exchange in the first half of this week amid industry-wide uncertainty.
 Twitter's journalist bans get governments' attention. Politicians worldwide are weighing in on Twitter's decision this week to ban the accounts of multiple prominent journalists who covered the company and Elon Musk. The UN and the EU condemned the move, with the latter threatening sanctions. Several US lawmakers aimed stern comments at Musk, accusing the self-proclaimed free speech absolutist of hypocrisy. A State Department spokesperson also made rare critical remarks. Musk claims the bans have to do with the sharing of real-time location information that was endangering his family.
| | Francis Scialabba It may be the most wonderful time of the year but it's also…Q4 layoff time. The latest: Goldman Sachs is planning to lay off as many as 4,000 employees, or roughly 8% of its workforce, Semafor reported yesterday. Goldman Sachs also plans to trim or fully cut some employees' year-end bonuses—which on Wall Street are a lot more than a $50 gift card to Macaroni Grill. Getting no bonus is called being "zeroed out" and is considered a strong nudge to quit. Even so, Goldman Sachs's workforce (currently 49,000) will remain bigger than it was before the pandemic (38,000). The bank hired aggressively in 2020 and 2021 while also suspending layoffs and buoying bonuses. What's changed? Deal-making, Goldman Sachs's specialty, was more hyperactive than a seven-year-old chugging Mountain Dew during the pandemic, but has slowed this year. A lot. Just 74 companies IPOed in the US in 2022, the smallest number since 2009, per Axios. Zoom out: Goldman Sachs may be getting hit especially hard because it's more dependent on the fees it earns off deals than its Wall Street rivals. Still, Morgan Stanley laid off about 1,600 employees, or 2% of its workforce, earlier this month, and Citigroup and Barclays are also planning smaller cuts.—JW | | Games Workshop, Xbox via Giphy Franchisable IP is the prize of the streaming world and Amazon struck gold yesterday, nabbing a deal to develop films and TV shows around the popular science-fiction fantasy game Warhammer 40,000. Henry Cavill, formerly the face of DC's Superman and Netflix's The Witcher, is set to executive produce and star in the new series. He confirmed the news on his Instagram Friday morning, saying, "For 30 years I have dreamt of seeing a Warhammer universe in live action." Warhammer fans can probably trust Cavill since he's a massive devotee himself: He's posted pictures of figurines he painted and has discussed the hobby on talk shows. Warhammer is a nearly 40-year-old brand with a universe spanning across tabletop games, miniatures, books, and video games. Set 40,000 years in the future, it's about a war among humans, aliens, and magical beings—so not exactly conducive to a small budget indie situation. But Amazon has the cash to cover it: The company is pumping money into its original productions, like the $715 million it spent on The Rings of Power and its planned $1 billion-a-year spend on theatrical release films.—MK | | TOGETHER WITH CAPITAL ONE | | Put your rewards into overdrive. What's better than booking PTO and taking a joyride with the top down? All that and getting rewarded for it. And when you book a car on Turo with Capital One's Venture X card, you earn 10x miles through May 16, 2023. Apply today. | | John MacDougall/Getty Images Stat: A 46-foot high cylindrical aquarium housed in a five-star hotel lobby in Berlin burst yesterday, dumping 264,172 gallons of water and ~1,500 exotic fish out onto a busy city street amidst below-freezing temperatures. The surge was so powerful that seismographs picked it up. One Berlin official noted that "it's a tragedy for the fish," but that it was lucky for humans that the accident happened at 5:45am, when very few people were around. Only two people were injured in the incident, though the hotel was forced to evacuate its 350 guests. The cause of the break has not yet been determined. Quote: "I am drawn to crisis. There is something about the sheer chaos and human panic that creates an unbridled energy." John J. Ray III, the new CEO tasked with finding money for FTX's customers—who also oversaw the unwinding of Enron—gave the WSJ some insight into what makes him tick after he testified before Congress this week about why the crypto exchange imploded like a supernova (mostly "plain old embezzlement," in Ray's view). Ray also shared his opinion that working with a team to complete a complex corporate bankruptcy is "the ultimate human bonding experience." The $1,300-per-hour fee he charges probably doesn't hurt either. Read: How a cocaine-smuggling cartel infiltrated the world's biggest shipping company. (Bloomberg) | | - Gas prices sank yesterday to their lowest levels since 2021 and may soon dip below $3 a gallon, giving some relief to inflation-strapped drivers.
- A satellite that will map water levels across 90% of the Earth's surface, tracking oceans, lakes, and rivers, was launched into space yesterday. It will help scientists identify how fast seas are rising and identify high-risk areas.
- President Biden signed a one-week stopgap government funding bill, staving off a government shutdown for now while lawmakers continue to battle over the budget.
- Around 300 tourists have been stranded at Machu Picchu since Peru declared a state of emergency in an effort to quell violent protests after its president was ousted.
| | Weekend conversation starters: It's a wrap: Gift wrapping tips from stylish people. Spending a small fortune on presents? Here's something you can do for free. Register to join our data analytics workshop Tuesday with Karla Starr, co-author of Making Numbers Count. | | Brew crossword: Our early holiday gift to you is this gift-themed crossword puzzle. Play it here. Open House Welcome to Open House, the only newsletter section that can spot potential through layers and layers of dirt. We'll give you a few facts about a listing and you try to guess the price.  The Kansas Property PlaceToday's listing is in Kincaid, Kansas, a town with just 103 people that's ~35 miles west of the Missouri border. This Victorian home, or what's left of it anyway, has original woodwork and 1,777 square feet of vintage charm. Amenities include: - 4 beds, 1 bath
- Detached two-car garage + barn
- Boo Radley-esque decor
How much for the ultimate fixer-upper? | |  The Brew's Business Essentials Accelerator is an eight-week virtual course that will help you understand the company you work for. Applications are open for February 2023—apply today.
 New year, new goals. Money with Katie is here to help you achieve your finance goals this year with her free weekly newsletter covering budgeting, investing, and more. Subscribe here.
 Did you know we have a tech newsletter? Get all the latest tech news delivered to your inbox for free in the same fun tone you'd expect from the Brew. Check it out for yourself.
| | | Written by Neal Freyman, Matty Merritt, Max Knoblauch, Abigail Rubenstein, and Sam Klebanov Was this email forwarded to you? Sign up here. WANT MORE BREW? Industry news, with a sense of humor → - CFO Brew: your go-to source for global finance insights
- Emerging Tech Brew: AI, crypto, space, autonomous vehicles, and more
- Future Social: the Brew's take on the world of social media
- Healthcare Brew: the comprehensive industry guide for administrators, medical professionals, and more
- HR Brew: analysis of the employee-employer relationship
- IT Brew: moving business forward; innovation analysis for the CTO, CIO & every IT pro in-between
- Marketing Brew: the buzziest happenings in marketing and advertising
- Retail Brew: retail trends from DTC to "buy now, pay later"
| ADVERTISE // CAREERS // SHOP 10% OFF // FAQ
Update your email preferences or unsubscribe here.
View our privacy policy here.
Copyright © 2022 Morning Brew. All rights reserved.
22 W 19th St, 4th Floor, New York, NY 10011 | |
No comments:
Post a Comment