Gold and silver prices experienced a significant decline on Monday due to easing geopolitical tensions and anticipation of key economic data releases this week. Gold dropped by 2.7%, while silver fell by 5.1% on Monday afternoon EST. The declines mark the steepest drops for both precious metals since last year.
Geopolitical instability, particularly in the Middle East, has become the primary concern for U.S. corporate credit investors, a BofA Global Research survey reveals. Despite escalating tensions, investors remain bullish on investment-grade corporate credit, driving issuance to $33.6 billion last week. However, concerns about inflation remain, with only 18% of investors holding above-normal cash levels. The survey also highlights strong sell-offs in high-yield corporate bonds last week.
Billionaire hedge fund titan Ken Griffin is investing in a towering 62-story skyscraper at 350 Park Ave., aiming to revitalize Midtown Manhattan and lure workers back to the office after the COVID-19 pandemic. The skyscraper, designed by Foster + Partners, will feature a vibrant public concourse and incorporate air rights from St. Patrick’s Cathedral and Saint Bartholomew’s Church to support their maintenance. Mayor Eric Adams hailed the project as a symbol of Midtown Manhattan’s resurgence, while Griffin emphasized the tower’s allure for in-person work. The skyscraper is slated for completion by 2032 and is expected to boost New York City’s status as a global business hub.
President Biden has announced $7 billion in federal grants for residential solar projects that will serve over 900,000 households in low- and middle-income communities. The grants are part of the American Climate Corps green jobs training program and are expected to reduce emissions by the equivalent of 30 million metric tons of carbon dioxide. The grants were awarded by the Environmental Protection Agency and include $62,120,000 for the Maine Governor’s Energy Office.
Cinetic Media has signed New York-based documentary filmmaker Contessa Gayles for management across all media. Gayles recently garnered acclaim at SXSW for her film “Songs from the Hole” and will debut her latest documentary, “The Debutantes,” at the Tribeca Festival.
Gayles has an impressive track record, having produced award-winning documentaries and series at CNN, including the feature-length “The Feminist on Cellblock Y” and the Emmy-nominated “Feeding America’s Most Vulnerable Children.”
She has also contributed to renowned media outlets such as Vice, PBS NewsHour, and Netflix, and her work has been recognized by various festivals and organizations.
The US government is determined to ban TikTok unless ByteDance, the Chinese parent company, sells its stake in the app. However, ByteDance is vowing to challenge the ban in court, setting the stage for a legal battle that could redefine the business landscape for Chinese companies in the US. The proposed bill also targets apps from countries considered foreign adversaries, potentially affecting other Chinese companies like Tencent and Temu. ByteDance, despite its growing presence in the US with 170 million users, remains firm in its stance against selling TikTok, citing its significant revenue, established e-commerce business, and planned international expansion. The outcome of this legal battle will shape the future of TikTok’s operations in the US and test the limits of US pressure on Chinese tech giants.
STAHLS’, a Michigan-based company, is responsible for personalizing jerseys for first-round NFL draft picks. This year, they work from their headquarters near Detroit, where the draft is being held. The team has less than two minutes to affix each player’s name to their jersey before they greet NFL commissioner Roger Goodell. Using a Hotronix Fusion IQ heat press, they create two jerseys for each pick, one for the stage and one for their rookie playing card pack.
STAHLS’, the company behind personalizing NFL draft jerseys, is excited to be back in Detroit for this year’s event. With only two minutes to customize each jersey after a player is selected, the STAHLS’ team uses a Hotronix Fusion IQ heat press and creates two jerseys for each pick. They also prepare nameplates for all potential first-round draftees. The company, founded in 1932, is a licensee and supplier to major sports leagues and has about 1,000 employees, mostly based in Michigan.
Leading fashion designer Nancy Gonzalez sentenced to 18 months in prison for smuggling crocodile handbags from Colombia in violation of U.S. wildlife laws. Gonzalez, known for her accessories used by celebrities like Britney Spears and the cast of ‘Sex and the City,’ recruited couriers to transport handbags on commercial flights to upscale showrooms in New York, resulting in an estimated $2 million in sales. Despite arguments for leniency due to her journey as a single mother and successful businesswoman, prosecutors emphasized Gonzalez’s wealth and lifestyle, contrasting it with the couriers she employed.
Retail theft has witnessed a significant surge in Canada, with notable increases in both the frequency and severity of incidents. Organized crime, responding to new opportunities presented by the rise of online shopping, is now playing a significant role in high-volume retail thefts. Combating this issue requires addressing structural market conditions and educating consumers about stolen goods. Leveraging technology and promoting responsible online shopping practices can contribute to effective solutions.
