Inflation, Economy and Business News

Inflation, Economy and Business News

BERLIN — When the principal organic gas artery in between Russia and Germany, the Nord Stream 1 pipeline, was taken off-line very last 7 days for 10 days of scheduled maintenance, European leaders commenced bracing for the risk that President Vladimir V. Putin of Russia would not switch it back on as retaliation for opposing Moscow’s invasion of Ukraine.

But Mr. Putin has suggested that the gasoline will resume flowing to Europe after the perform on the pipeline — managed by Russia’s condition-owned strength huge Gazprom — finishes on Thursday, although he warned that supplies could possibly be even more curtailed.

The European Fee named on the bloc’s 27 users to promptly get started having methods to minimize gas use by 15 p.c. “Russia is blackmailing us. Russia is employing strength as a weapon,” Ursula von der Leyen, president of the commission, advised reporters in Brussels on Wednesday.

But analysts have pointed out that if Russia ceased gas flows to Europe, the region would reduce an element of leverage in the economic battle it has waged in opposition to the continent considering that the invasion of Ukraine, allowing Mr. Putin to exert command about materials and prices.

Talking to reporters late Tuesday in Tehran following conference with the leaders of Iran and Turkey, Mr. Putin warned that Gazprom would deliver only “half of the quantity intended” by way of the Nord Stream pipeline. Right before it was shut down on July 11 for annual upkeep, flows experienced already been minimized to 40 per cent of capacity.

Sustaining these types of a minimized stream of organic gas could be advantageous to the Russian chief, analysts claimed, making it possible for him to continue to keep Europeans in a protracted condition of uncertainty and near worry. Russia has previously ceased fuel deliveries through other main pipelines to Europe that cross Poland and Ukraine.

“To the extent that Putin maintains some gas flows on Nord Stream 1, he enjoys the two profits and leverage,” claimed David L. Goldwyn, a former senior State Section electricity diplomat who served in the initially time period of the Obama administration. “Once he cuts off source, he loses each and there is no turning back again.”

European fuel selling prices have soared to 3 or four periods those of a year back, triggering a leap in inflation and raising concerns above social unrest the moment temperatures begin to fall.

The European Union imported 45 per cent of its natural gasoline from Russia previous 12 months. That fell to only 28 p.c in the 1st a few months of this yr. At the very same time, overall gas imports in the bloc greater, pushed mostly by a 72 per cent soar in purchases of liquefied normal gasoline.

Gazprom has blamed reduced flows as a result of Nord Stream on a turbine that was sent to Montreal for repairs and could not be returned mainly because of sanctions towards Russia. German officials disputed Gazprom’s declare that the turbine could have prompted these types of a lower in flows.

Credit score…Pool picture by Alexey Maishev

Considering that then, the German govt has secured the return of the gear, which was produced and fixed by Siemens Power at a plant in Canada. But Mr. Putin said that one more 1 of the turbines in the six compressors close to Russia’s Baltic Sea coast was now in need of refurbishing and indicated there have been also challenges with various others.

“If 1 more arrives, then it is very good, two will perform. And if it does not appear, there will be a person, it will be only 30 million cubic meters per day,” he informed reporters. That’s fewer than 20 per cent of the pipeline’s potential of 160 million cubic meters of gasoline a day, or 5,600 million cubic toes.

Records on a Nord Stream web site indicated that a small sum of gas flowed as a result of the pipeline on Tuesday afternoon, in an obvious take a look at. A web site operate by the Gascade community supplier confirmed that ability experienced been booked by way of Nord Stream for Thursday. These are not assures that the fuel will stream, but it could suggest Russia’s ongoing desire in piping fuel to Europe.

Eswar Prasad, an economist at Cornell College, reported holding a minimal move via Nord Stream could reinforce Russia’s situation and even weaken Europe’s resolve if the war dragged on.

“Maintaining Europe’s electricity dependency on Russia and stoking uncertainty about organic fuel materials, which can only help in boosting costs,” he claimed, are amongst the motives Mr. Putin would want to retain Nord Stream online. There is the included attraction, Mr. Prasad reported, of currently being capable “to some extent handle Europe’s financial destiny.”

But a return of flows from Russia this 7 days is no warranty that they will continue in the foreseeable future or be adequate for Germany and its European associates to satisfy their targets to fill gasoline storage tanks to 80 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} capability by the beginning of November. In Germany, where by 50 percent the homes are heated by all-natural fuel and the gasoline is needed for the chemical, steel and paper industries, storage concentrations reached 65 p.c by Wednesday — just over the European regular.

This 7 days, Ms. von der Leyen traveled to Azerbaijan to protected a deal to double the imports of Azeri all-natural gasoline to at least 20 billion cubic meters (706 billion cubic toes) a yr by 2027 as part of endeavours throughout Europe to safe gas from sources past Russia.

Germany has turned to the Netherlands and Norway for more gas, as very well as purchasing more liquefied pure gasoline from the United States and Qatar. But none of Europe’s 26 L.N.G. terminals, which are necessary to change the gasoline from its deep-chilled state back into a fuel, are in Germany.

Robert Habeck, Germany’s financial state minister and vice chancellor, has secured 2.94 billion euros to hire four floating L.N.G. terminals. The to start with are scheduled to be in operation by the end of the calendar year.

But if Europe faces an unusually chilly winter, that could not be shortly ample to be certain that Germany retains its properties heated and factories operating. Germany has currently activated two measures of a three-stage “gas emergency” program, bringing again coal-fired electric power vegetation to change all those run by gasoline and running via eventualities of what would materialize if the gas is slice off totally.

To some observers, the stress of current months is particularly what Mr. Putin wants.

“Will he give us gas? Will he lower the circulation? Europe is hanging on Putin’s lips once more,” Janis Kluge, an analyst on Russia with the German Institute for Worldwide and Protection Affairs in Berlin, wrote on Twitter. “However the Nord Stream 1 saga carries on, he is unquestionably loving each section of it.”

Melissa Eddy claimed from Berlin, and Patricia Cohen from London. Matina Stevis-Gridneff contributed reporting from Brussels, and Anton Troianovski from Berlin.

Mariner Wealth Advisors Acquires The Financial Services Network

Mariner Wealth Advisors Acquires The Financial Services Network

Mariner Prosperity Advisors, based in Overland Park, Kan., introduced the acquisition of The Financial Services Community, an OSJ, RIA and service provider of back again office support based in Sacramento, Calif., that offers administrative, consulting, compliance and operational expert services to more than 400 independent monetary advisors.

This most up-to-date acquisition will expand the access of Mariner Platform Answers, an affiliate of Mariner Wealth Advisors that provides a suite of methods to independent monetary advisors who request to scale their firms and concentrate on serving purchasers with no again-business office distractions. 

The Community will rebrand as Mariner Advisor Network and aim on bolstering the firm’s main choices of technologies, portfolio consulting, compliance and functions, digital administration solutions, and mergers and acquisitions assistance for independent advisors. The organization will also continue on its strategic romantic relationship with LPL Economical, one of the nation’s top RIA custodians and its major unbiased broker/seller.

“These days is a acquire for advisors who seek out to devote extra time advising their customers and developing their business and significantly less time taking care of the working day-to-working day functions,” stated Marty Bicknell, CEO and president of Mariner Wealth Advisors. “The depth of experience among the the gurus at The Network and the attain and skills of LPL Fiscal will permit us to serve much more advisors and increase their obtain to some of the industry’s ideal back-office environment and consulting means.” 

The Network was established in 1984 and has progressed in excess of the a long time as an office of supervisory justice, an RIA business and a supplier of support products and services for independent economic advisors. Led by controlling partners Daxs Stadjuhar, Christopher Mercado, and Jeremy Olen, The Network currently has more than 400 advisors in 20 states with $26 billion in property below advisement. (The Network’s RIA, which features a portfolio consulting business enterprise, has $6 billion beneath administration, with the remaining $20 billion under advisement as a result of impartial advisers.) The government leadership group will continue to be in area and has been asked to direct the combined business enterprise giving, integrating means and strategically increasing capabilities. 

“The complementary character of our experience, options and advisor-centric philosophy will accelerate the growth of our network, broaden the scope of how we function with advisors, and assistance advisors defeat the common impediments to expansion,” claimed Mercado. “We’re thrilled to sign up for the Mariner spouse and children and search forward to leading and developing the Mariner Advisor Community with each other.”

Considering that its inception in 2020, Mariner System Answers has partnered with 33 firms with a overall of $2.6 billion in belongings beneath administration and has around 66 advisors and 22 brands leveraging its resources. This acquisition will incorporate far more than 400 advisors and far more than 50 associates who make up a specialised group of transition, investment, compliance and administrative aid professionals committed to serving the needs of independent fiscal advisors. 

Started in 2006 with $300 million in belongings under advisement, Mariner Wealth Advisors and its affiliates now advise on a lot more than $60 billion in property. It is amid the swiftest escalating RIAs in the country, asserting seven acquisitions in the to start with 50 percent of 2022.

How Financial Firms Can Make Use of Decentralized Finance

How Financial Firms Can Make Use of Decentralized Finance

What Does DeFi Imply for Money Companies?

DeFi techniques can aid cut down the variety of transactional intermediaries essential, in change reducing the time desired to confirm and procedure transactions. Rather of taking two or three days, transactions transpire pretty much quickly and are the natural way secure thanks to the use of community ledgers.

While current polices around DeFi continue being in their infancy, the in general regulatory hazard for banks and cash marketplace companies is low. Although cryptocurrencies have seen major current market fluctuations in excess of the past couple a long time, in flip primary to hesitancy on the aspect of regulators to approve them as mainstream transactional choices, the fundamental principle of the decentralized blockchain has proved by itself time and time once more to be responsible and correct. As a consequence, many organizations are now functioning with regulators to put together for greater-scale DeFi adoption.

Master Much more: See what is following for financial institutions when they undertake cloud technologies.

How Can Economical Firms Get Ahead With DeFi?

When it will come to producing a DeFi network, there are two wide choices: develop or acquire.

While developing a blockchain alternative from scratch is totally feasible (due to the fact most of the demanded factors are open up source), this solution requires equally considerable time and useful resource expense. For corporations with more substantial IT teams — these types of as significant banking companies or insurance businesses or important trading properties, as properly as fintech corporations on the top edge of technological know-how adoption — making may perhaps be the very best solution because they by now have a reliable strategy of what they are wanting for and how it ought to operate.

For more compact banks and much more common brick-and-mortar economical companies, nonetheless, it could be worthy of partnering with business leaders who have expertise in this location. This is also a practical solution for corporations with far more specialised companies, this sort of as specialized niche trading companies or hedge funds. By adopting pre-developed blockchain frameworks built to fulfill financial compliance anticipations, organizations can leverage the ability of general public ledgers without the need of disrupting latest operations. CDW has served numerous finance clients implement a complete blockchain answer.

Discover: See how economic establishments can continue to be protected on the cloud.

Armed with an in-depth comprehending of important principles these kinds of as hyperledgers, tokenization, wallet solutions and NFTs, CDW can help companies fully grasp the use conditions and results of DeFi for their firms, emphasize the benefits and drawbacks of these technologies and then design and make solutions that satisfy businesses’ unique use instances.

It is really worth noting that DeFi doesn’t need providers to do a rip-and-substitute of their current infrastructure. Whilst blockchain solutions advantage from the scalability and agility of the cloud, corporations can integrate any on-premises data centers as element of their bigger, decentralized network. The DeFi tactic also would make it feasible to construct applications and providers with distinctive suppliers and then sew them together to produce a cohesive entire.

Place only, DeFi doesn’t spell doom for conventional or cutting-edge functions. As an alternative, it features an possibility for fiscal corporations to enhance security, boost visibility and decrease transaction times across their community.

This posting is element of BizTech‘s Equity site series. Please sign up for the discussion on Twitter by making use of the #FinanceTech hashtag.

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Capital One Financial Analysts Reduce Earnings Estimates for Continental Resources, Inc. (NYSE:CLR)

Capital One Financial Analysts Reduce Earnings Estimates for Continental Resources, Inc. (NYSE:CLR)

Continental Assets, Inc. (NYSE:CLR – Get Score) – Funds One Fiscal lowered their Q3 2022 earnings per share (EPS) estimates for Continental Resources in a research notice issued on Monday, July 18th. Capital Just one Monetary analyst P. Johnston now expects that the oil and natural gasoline company will gain $2.54 for every share for the quarter, down from their former estimate of $2.56. The consensus estimate for Continental Resources’ present entire-12 months earnings is $11.95 for each share. Funds 1 Fiscal also issued estimates for Continental Resources’ FY2022 earnings at $11.09 EPS and FY2023 earnings at $9.10 EPS.

A selection of other research corporations also a short while ago weighed in on CLR. Citigroup downgraded Continental Resources from a “obtain” rating to a “neutral” ranking and slash their value concentrate on for the stock from $74.00 to $70.00 in a study observe on Friday, June 24th. StockNews.com lowered Continental Assets from a “acquire” ranking to a “maintain” rating in a report on Tuesday, Might 10th. Wells Fargo & Organization downgraded Continental Sources from an “obese” rating to an “equivalent pounds” rating and established a $82.00 focus on rate for the firm. in a research report on Wednesday, June 15th. Royal Lender of Canada downgraded Continental Means from an “outperform” rating to a “sector complete” rating and lifted their selling price aim for the business from $75.00 to $80.00 in a investigate report on Wednesday, July 6th. Ultimately, Piper Sandler dropped their goal value on Continental Methods to $76.00 and set a “na” score for the organization in a exploration report on Wednesday, May 18th. Two financial commitment analysts have rated the inventory with a provide score, 10 have issued a keep score and five have issued a invest in ranking to the firm’s stock. According to details from MarketBeat, the business presently has a consensus rating of “Maintain” and a consensus value concentrate on of $69.85.

Continental Means Stock Up 2.4 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

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Shares of Continental Sources inventory opened at $64.69 on Tuesday. The stock has a 50-working day shifting normal selling price of $65.21 and a 200 day shifting normal value of $59.89. The organization has a industry cap of $23.48 billion, a P/E ratio of 11.78, a P/E/G ratio of .14 and a beta of 2.62. The organization has a current ratio of .95, a speedy ratio of .88 and a credit card debt-to-fairness ratio of .79. Continental Methods has a 1 12 months small of $31.40 and a 1 calendar year significant of $75.49.

Continental Assets (NYSE:CLR – Get Ranking) previous introduced its earnings benefits on Wednesday, May 4th. The oil and organic fuel enterprise noted $2.65 earnings per share for the quarter, beating the consensus estimate of $2.41 by $.24. Continental Assets experienced a return on fairness of 31.43{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and a internet margin of 31.63{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. The business enterprise experienced earnings of $1.82 billion throughout the quarter, in comparison to analysts’ anticipations of $2.16 billion. For the duration of the very same quarter past year, the business posted $.77 earnings per share. The company’s quarterly income was up 49.4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} on a 12 months-over-year basis.

Continental Methods Improves Dividend

The business also not too long ago declared a quarterly dividend, which was paid on Monday, May possibly 23rd. Shareholders of report on Monday, May 9th had been presented a dividend of $.28 for every share. This represents a $1.12 annualized dividend and a generate of 1.73{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. This is a favourable transform from Continental Resources’s prior quarterly dividend of $.23. The ex-dividend date was Friday, Might 6th. Continental Resources’s dividend payout ratio is presently 20.40{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.

Hedge Funds Weigh In On Continental Means

Hedge resources and other institutional investors have just lately modified their holdings of the firm. Lazard Asset Administration LLC bought a new position in Continental Assets in the very first quarter well worth about $26,000. Acadian Asset Management LLC bought a new stake in shares of Continental Means during the first quarter valued at roughly $36,000. Atlas Cash Advisors LLC purchased a new stake in Continental Sources in the very first quarter well worth around $47,000. Steward Partners Expense Advisory LLC raised its placement in Continental Resources by 507.8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the 1st quarter. Steward Partners Investment Advisory LLC now owns 778 shares of the oil and all-natural fuel firm’s stock worthy of $48,000 immediately after obtaining an supplemental 650 shares during the period. Eventually, Bellwether Advisors LLC purchased a new placement in Continental Means in the fourth quarter value approximately $44,000. 13.41{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the inventory is owned by institutional traders.

About Continental Means

(Get Score)

Continental Means, Inc explores for, develops, provides, and manages crude oil, normal fuel, and associated solutions primarily in the north, south, and east regions of the United States. The company sells its crude oil and all-natural gas output to strength promoting organizations, crude oil refining organizations, and purely natural gasoline accumulating and processing corporations.

Browse A lot more

Earnings History and Estimates for Continental Resources (NYSE:CLR)

This fast information warn was produced by narrative science technological know-how and economical info from MarketBeat in purchase to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial crew prior to publication. You should deliver any issues or comments about this story to call@marketbeat.com.

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When Continental Sources at present has a “Hold” score amongst analysts, major-rated analysts believe that these 5 stocks are better buys.

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Why the stock market still hasn’t priced in a full recession

Why the stock market still hasn’t priced in a full recession

Recession calls are expanding by the day, but the inventory sector stays wary of totally pricing in this circumstance for the economy.

Even with enduring the worst commence to a yr given that 1970, the benchmark S&P 500 (^GSPC) is even now buying and selling 13{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} higher than a commonly-cited recessionary target of 3,400, which would mark a ~29{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} drop from the record large arrived at on January 3, 2022.

In the regular economic downturn given that Earth War II, the S&P 500 has dropped 31{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.

“Investors and enterprise administrators alike tend to participate in the hand they are dealt, even if marketplaces price economical belongings based mostly on anticipations of the upcoming 3-6 attracts from the deck,” Nicholas Colas, co-founder of DataTrek Research, mentioned in a observe printed Tuesday. “We could not have the strongest hand just now, but it is not undesirable plenty of to drive lots of investors or businesspeople to fold.”

In Colas’ check out, the math on 3,400 functions out to assuming the regular 25{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} fall in earnings and placing an earnings a number of of 20x on the S&P 500, which is the place the index is around valued today.

Strategists at Financial institution of The united states International Exploration last 7 days minimize their 12 months-stop price tag target on the benchmark to 3,600 from 4,500 and identified as for a “mild recession” this yr.

The bank’s July fund manager study also shows a “dire stage of trader pessimism,” with its BofA Bull & Bear Indicator holding at “max bearish” as buyers fret over advancement and revenue slowdowns.

Sentiment is so poor that fairness allocations are the least expensive considering the fact that the 2008 economic crisis and income degrees are at the highest considering the fact that 9/11.

Also curbing expectations last 7 days was Credit history Suisse main U.S. equity strategist Jonathan Golub, who slash his estimate for the S&P 500 by 600 points to 4,300 in an about facial area from a phone by the expenditure lender in December 2021 that the index would complete this calendar year at 5,200.

Even Oppenheimer Asset Administration main financial investment strategist John Stoltzfus — the Wall Street analyst with the optimum yr-close value target tracked by Yahoo Finance — just lately slash his focus on on the S&P 500 to 4,800 from 5,330.

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 11, 2022.  REUTERS/Brendan McDermid

Traders do the job on the flooring of the New York Inventory Trade (NYSE) in New York City, U.S., July 11, 2022. REUTERS/Brendan McDermid

In a equivalent transfer, strategists at BlackRock downgraded their outlook and diminished the firm’s suggested exposure to stocks, citing raising financial uncertainty and persistent inflation.

In spite of the doom and gloom, matters are not as poor as they glance, in Colas’ view.

For instance, even though buyers are bracing for a milder-than-regular earnings season and downwardly revising EPS predictions, the S&P 500 is however predicted to log aggregate earnings for every share of $56, for each DataTrek. The standard recession, as mentioned earlier mentioned, sees earnings for each share slide by 25 per cent, a decrease that would place that determine at $42 for every share for each quarter.

Industry experts have also pointed to continued consumer resilience in spite of inflation, as nicely as a occupation current market that remains in fantastic condition even as the Federal Reserve tightens money circumstances.

In June, the newest inflation report confirmed purchaser selling prices rose at an yearly speed of 9.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in June – the optimum considering that 1981, though retail sales rose 1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} that some thirty day period, a lot more than predicted by Wall Road economists.

And even though the labor industry is incorporating employment at a marginally slower pace from the submit-pandemic ordinary of 400,000 for every month, occupation gains in June continue to totaled 372,000.

“The mixture of these two variables can preserve demand continuous for longer than is typical at the stop of an financial expansion,” Colas reported, “even if the Fed is elevating interest premiums to sluggish the American economy and lessen inflation.”

—

Alexandra Semenova is a reporter for Yahoo Finance. Stick to her on Twitter @alexandraandnyc

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America’s CEOs made 324 times more than you last year

America’s CEOs made 324 times more than you last year

This story is part of CNN Business’ Nightcap newsletter. To get it in your inbox, sign up for free, here.


New York
CNN Business
 — 

Stop me if you’ve heard this one before: The rich are getting richer and the rest of us are getting poorer. (Shocking, I know.)

But a new report from the top American union group is shedding light on just how much better off the bosses in the C-Suite are versus their employees.

The upshot:

  • S&P 500 CEOs on average got a roughly 18{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} bump in compensation, averaging $18.3 million in 2021, according to the new AFL-CIO Executive Paywatch Report. That’s 324 times the median worker’s pay at those companies. (In 2020, that ratio was 299-to-1. And in 2019, it was 264-to-1.)
  • It doesn’t take a mathematician to figure out that’s way more than keeping up with inflation, which clocked in at 7.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} for the year.
  • Rank-and-file employees broadly saw wages go up about 4.7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in 2021. That’d be a solid raise in a normal year, but not when prices are climbing at their fastest clip in four decades. When adjusted for inflation, real wages among workers actually fell 2.4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.

The rapid rise in CEO pay is a symptom of what the researchers call “greedflation,” which occurs when companies raise prices to boost profits, which in turn juices their stock prices and generates “windfall payouts” for CEOs.

The report specifically called out Amazon for having the highest CEO-to-worker pay ratio in the S&P 500 Index: a staggering 6,474 to 1.

“Instead of investing in their workforces by raising wages and keeping the prices of their goods and services in check, their solution is to reap record profits from rising prices and cause a recession that will put working people out of our jobs,” said Fred Redmond, Secretary-Treasurer of the AFL-CIO, in a statement.

Amazon’s new CEO Andy Jassy, who took over from Jeff Bezos just over a year ago, received $212.7 million in total compensation, which includes salary, stock options and bonuses. (The median pay among Amazon workers, meanwhile, was just $32,855 in 2021. The company also jacked up the cost of its Prime membership by nearly 17{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} earlier this year and introduced new fees for Whole Foods deliveries.)

An Amazon spokesperson chalked the extreme pay gap up to financial reporting rules. “We are required to report that grant as total compensation for 2021, when in reality it will vest over the next 10 years,” the spokesperson told my colleague Vanessa Yurkevich.” What this equates to from an annual compensation perspective is competitive with that of CEOs at other large companies and was approved by the Amazon Board of Directors.”

The highest-paid CEO in the report was Peter Kern of Expedia, who raked in $296.2 million — a measly 2,897 times more than the median Expedia worker. A spokesperson declined to comment on the report but noted Kern earns a base salary of $1 million a year, with 1 million restricted stock units that are vesting over three years. 

“Long-term equity incentive awards account for approximately 99{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} [of] Peter’s 2021 compensation,” said an Expedia spokesperson. 

BOTTOM LINE

Many forces contribute to inflation, including supply chain bottlenecks, climate change, federal monetary policies, geopolitical turmoil, and, yes, greedy corporations.

But at the core of the “greedflation” argument is the idea that some big companies are taking advantage of this inflationary moment to jack up prices and/or reduce the amount of stuff you’re getting (the latter scourge is called “shrinkflation,” which is a cute-sy way of saying you the customer are getting absolutely hosed by mega-corporations and you have no way around it because of a decades of market consolidation reducing competition that would, in a fair system, discourage such practices…but I digress).

Is greed the only culprit behind inflation? Far from it. Is it among the more nefarious/shameful? 100{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.

It’s not just the optics that are bad. Experts say it’s also legitimately bad for business. At a time when companies all over are complaining about staffing shortages and unionization efforts — why not try to stand out as the one that’s making peace with workers and narrowing that gap?

— CNN’s Vanessa Yurkevich contributed reporting.

The crypto faithful have seen it coming: Bitcoin, following a bruising selloff, is up more than 15{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the past week. Buuuut smart people who invest for a living remain cautious, my colleague Paul R. La Monica writes. Now hovering around $23,000, the price of a single bitcoin has plunged more than 65{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} below last year’s all-time high of nearly $70,000.

Key quote: “We will see a longer-term rally in the digital assets sector, but I wouldn’t get too excited yet,” said Joel Kruger, market strategist at LMAX Group. “This is still an emerging market.”

Twitter came out swinging in its legal tussle with its would-be owner Elon Musk.

Here’s the deal: On Tuesday, a judge gave Twitter an early victory, ruling that the case should be fast-tracked in a five-day trial this fall. (ICYMI, Musk is trying to wiggle his way out of the $44 billion takeover offer he made for Twitter back in April, and Twitter is suing to compel him to complete the deal.)

Tuesday’s ruling is a big deal for a few reasons. Let’s step back:

  • When it filed the lawsuit against Musk last week, Twitter’s legal team argued for a speedy trial, saying the uncertainty around the deal and pending litigation harms the company “every hour and every day.” In other words: Twitter’s shareholders are left in limbo, and that’s not fair to them.
  • Lead counsel William Savitt also pointed out how Musk has continued to disparage Twitter on — where else? — Twitter.
  • Musk’s lawyer countered, noting that the billionaire remains one of Twitter’s largest shareholders and therefore has no incentive to drag the trial out. But Musk has said he needs more time to investigate what he sees as a dealbreaker — the presence of spam and fake accounts on Twitter.
  • Musk is raising a big stink about spam accounts, but most people who are following this truly bizarre corporate drama agree the bot issue is little more than a pretext for Musk to renege on the deal, which wildly overvalued Twitter at 54.20 a share. (Musk’s lawyer dismissed that claim as “nonsense” on Tuesday).

BOTTOM LINE

Although Tuesday’s hearing was largely procedural, my colleague Clare Duffy writes, it offered a look at how each side may approach what is likely to be a messy litigation process. It also give us a peek at how the judge is framing the dispute.

Musk’s team had asked for a February 2023 trial, giving them seven months to prepare. But the judge, Chancellor Kathaleen St. Jude McCormick, said such a delay “underestimates the ability of this court … to quickly process complex litigation.”

“The reality is that delay threatens irreparable harm [to Twitter] … the longer the delay, the greater the risk,” McCormick said during the hearing, which was conducted remotely after she tested positive for Covid.

I mean, what what would this twisted Twitter saga be without some extra Covid complexities piled on?

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