Author: arthursheikin@gmail.com
[ad_1] In the summer of 2023, New Yorker Josh Magpantay was in a hurry to move. The price tag for a new spot — not including rent or a security deposit — was $7,000.That’s because Magpantay’s apartment came with a broker’s fee. Since he moved, he’s felt locked in — even though he thinks the rent is too high — because of how much it would cost to move elsewhere and pay a similar fee.Magpantay is far from alone: Fees paid to landlord-hired brokers as part of the upfront costs of signing up for a new apartment in New York…
[ad_1] Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Gold has overtaken the euro as the world’s second most important reserve asset for central banks, driven by record purchases and soaring prices, according to the European Central Bank.Bullion accounted for 20 per cent of global official reserves last year, outstripping the euro’s 16 per cent and second only to the US dollar at 46 per cent, data from an ECB report published on Wednesday showed. “Central banks continued to accumulate gold at a record pace,” the ECB wrote, adding that…
[ad_1] New York CNN — Starbucks is dipping its toes in the increasingly growing appetite for protein, with a new topping for its coffee drinks. The company is testing a new protein cold foam at five US locations as part of CEO Brian Niccol’s plans to expand into the wellness sector and reverse sagging sales. The trial pairs a banana-flavored foam, packed with 15 grams of protein, with a sugar-free vanilla latte. The addition, announced Tuesday at a company event in Las Vegas, is part of Starbucks’ broader plans in “reimagining and modernizing its beverages and food to build a…
[ad_1] In a new essay published Tuesday called “The Gentle Singularity,” OpenAI CEO Sam Altman shared his latest vision for how AI will change the human experience over the next 15 years. The essay is a classic example of Altman’s futurism: hyping up the promise of AGI — and arguing that his company is quite close to the feat — while simultaneously downplaying its arrival. The OpenAI CEO frequently publishes essays of this nature, cleanly laying out a future in which AGI disrupts our modern conception of work, energy, and the social contract. But often, Altman’s essays contain hints about…
[ad_1] Engineers are not an endangered species, according to GitLab’s CEO, William Staples.On an earnings call for the code management software company on Tuesday, Staples said AI coding assistants will increase the number of engineers because people can now code without advanced technical skills.”There’s a raging debate about this, and I think a lot of it is borne out of anxiety about the future by engineers,” Staples said. Staples said throughout his 30-year career, he has seen advances in productivity that appear to make engineering skills less necessary.”This one is definitely stronger than other times because of the power of…
[ad_1] Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.This article is an on-site version of our Unhedged newsletter. Premium subscribers can sign up here to get the newsletter delivered every weekday. Standard subscribers can upgrade to Premium here, or explore all FT newslettersGood morning. The World Bank’s latest economic outlook, out yesterday, further downgraded global growth to 2.3 per cent this year — the weakest performance in 17 years, with pain felt most acutely in developing economies. The leading cause: trade disruptions, specifically Donald Trump’s tariffs. Disagree? Email us:…
[ad_1] In an age where meetings multiply and inboxes overflow, a weekly recap email can help save time and keep leadership aligned. A senior engineering exec at Roblox swears by it.Sebastian Barrios, a senior vice president of engineering at the gaming platform, said he sends his CEO a weekly email outlining his accomplishments, what’s next on his plate, and where he needs help.”It helps me keep track of what’s working, what’s not working,” Barrios said on an episode of “Lenny’s Podcast” published Sunday. “I don’t actually have an expectation that people are going to send that to me — it’s…
[ad_1] New York CNN — The vibrant burst of orange flavor emanating from a Blue Moon is so lip-smacking good that it’s being turned into a lip balm. The Molson Coors-owned brand is partnering with Eos, a popular beauty company, to make a lip balm inspired by the punchy, Valencia orange flavor that’s brewed into a Blue Moon beer. The limited-edition product is “intended” for legal-aged drinkers and goes on sale Wednesday at Eos’ and Blue Moon’s website for $4.99. The citrus-inspired balm is packaged in Eos’ orange-colored sphere and “delivers the same refreshing, juicy taste” of the beer, according…
[ad_1] CNN — Cara Petersen, the Consumer Financial Protection Bureau’s acting enforcement director, resigned from the agency on Tuesday. In an email to colleagues announcing her decision, Petersen slammed the Trump administration’s efforts to dismantle the agency, which was established as a banking watchdog following the 2008 global financial crisis. “I have served under every Director and Acting Director in the Bureau’s history and never before have I seen the ability to perform our core mission so under attack,” Petersen wrote in an email seen by CNN. “It is clear that the Bureau’s current leadership has no intention to enforce…
[ad_1] Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Private market funds have underperformed large-cap US stocks over commonly measured time horizons for the first time in nearly a quarter of a century, as a slowdown in private equity dealmaking activity hampers the sector’s returns.State Street’s private equity index — which tracks returns from private equity, private debt and venture capital funds — delivered a 7.08 per cent return last year, compared with a 25.02 per cent total return for Wall Street’s blue-chip S&P 500 index.The data shows that the…