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PNC BANK: Going to Bat for Small Business Winners Announced
FORT WAYNE, Ind., June 3, 2026 – Two standout local businesses – Copper Spoon and Three Rivers Electric – have been named winners of the 2026 Going to Bat for Small Business initiative. The recognition is a collaboration between PNC Bank and the Fort Wayne TinCaps, designed to elevate small
Sports Is The ‘Antithesis Of AI,’ JPMorgan Expert Says, And Team Valuations Will Surge
The craze will lead to “fabulous” investment opportunities in live events, according to the bank’s Asset & Wealth Management CEO.
Macquarie Sees World Cup Boost Driving Betting Growth, Favors Flutter Entertainment (FLUT)
Flutter Entertainment (NYSE:FLUT) stands out as one of the biggest potential beneficiaries of the 2026 FIFA World Cup, according to Macquarie, which expects the expanded tournament to generate a substantial increase in global sports betting activity and provide a meaningful earnings tailwind for leading operators. The investment bank estimates that betting volumes tied to the competition could exceed $50 billion worldwide, creating a favorable backdrop for major sportsbook and online gaming comp
Caryn Seidman Becker Bought Clear Out Of Bankruptcy. Now She’s A Billionaire.
After conquering airport security checkpoints, Clear’s billionaire CEO Caryn Seidman Becker wants to use your biometrics to unlock doctors’ appointments, baseball games and the rest of your life.
A Psychedelics Revival Is Overdue
R. Gordon Wasson was a Manhattan banker who fancied himself a mycologist. In 1955, after decades studying the mushrooms of ancient cultures, he traveled to the remote mountains of southern Mexico to partake of what locals called the “flesh of the gods.” Wasson chronicled the experience in Life magazine — the first widely published account of psychedelic mushrooms since Spanish friars condemned their use in the early 17th century.
Bill Burr to headline Centreville Bank Stadium’s first‑ever comedy show
Comedian Bill Burr is a Grammy Award nominee and a New England native who has sold out a show at Fenway Park.
Beastie Boys DJ Mix Master Mike, Voices Of Service Join 50 Cent for 2026 United Bowl Presented by Credit One Bank
Sponsored by Dynasty Financial Partners, Mix Master Mike to perform throughout United Bowl with extended sets pregame and leading into 50 Cent halftime performance, and postgame trophy presentation
5 things to watch in Tuesday's primaries in California, Iowa and beyond
Democrats are banking on a rare chance to regain ground in Iowa, a rural state that has repeatedly eluded them in recent years. Republicans, meanwhile, are grappling with a New Jersey congressman whose unexplained absence could put their already slim majority at risk.
Bryan storage business pledges up to $6,000 to Brazos Valley Food Bank during Summer Hunger Food Drive
The spirit of the Summer Hunger Food Drive is alive, as local business promises donation.
News | World Cup scouting report: Los Angeles adds soccer to its entertainment culture
Fan zones from Venice Beach to Burbank aim to widen the win
Mistral courts U.S. business with cheaper, not the smartest, AI
Hot off its first corporate showcase in Paris, the crown jewel of France’s AI industry is making a play for American banks, businesses and tech bros.
Towards a responsive health system and equitable access to quality RMNCAH services
Indonesia’s vast geography and sociocultural diversity shape the delivery of reproductive, maternal, newborn, child and adolescent health (RMNCAH) services in ways that are both enabling and challenging. Across provinces, significant variation has been observed in how services are planned, resourced, and delivered. These variations in service standards and quality are felt daily in the lives of women, newborns and adolescents. Despite these challenges, progress is visible. National estimates show a drop in maternal mortality ratio, from 331 to 140 per 100 000 live births since 2000, signaling improvements in care quality and access. Fertility has stabilised and contraceptive use has grown, yet unmet reproductive health needs persist, and adolescent pregnancies continue to reflect early marriage and limited access to youth-friendly services.To better understand how Indonesia’s health system has evolved under decentralisation, the Ministry of Health, supported by World Health Organization (WHO), United Nations Population Fund (UNFPA), the United Nations Children’s Fund (UNICEF), IPAS and the Asian Development Bank (ADB), conducted a joint external review of RMNCAH programmes. This review draws on multiple sources of evidence, including existing literature, policy documents, national health system data, as well as field visits to six selected provinces to represent Indonesia’s geographic and administrative diversity. During the field visits, review teams observed service delivery in health facilities, spoke with health workers and local leaders and met mothers and families to understand how RMNCAH policies are operationalised. One of the challenges identified was the management of low birthweight (LBW) infants, a major contributor to neonatal deaths, under resource constraints. One midwife described a severe case of extremely LBW twins, one stillborn and the other died after three days of care. She recalled how the surviving infant struggled to swallow and may not have received breast milk, while simultaneous emergencies required the team’s attention, affecting the care provided to the infant.A subsequent review of the case by the district health office revealed insufficient antenatal care, fragmented maternal medical history due to population mobility, referral delays, limited provider capacity in neonatal intravenous access and a heavy workload that constrained proper newborn monitoring. These insights informed recommendations to strengthen both system-wide and service-level responses. Since the early 2000s, Indonesia’s decentralisation initiative has given much of the responsibility for funding, staffing and managing health services to regional governments. While the Ministry of Health sets national clinical standards, daily management of public health facilities falls under regional authorities through the Ministry of Internal Affairs. While this arrangement allows services to be tailored to local needs, it also depends heavily on local capacity for planning, budgeting and management. Health facilities and district health offices are better positioned to translate national priorities into local action when they have access to consistent technical support, helping health workers manage resource constraints and infrastructure gaps.The complexity of Indonesia’s health system governance is no easy feat to navigate. Understanding these dynamics is essential to strengthening policy, improving coordination and ensuring more equitable access to services across Indonesia. Under the leadership of Ministry of Health, recommendations from this exercise will be key in guiding the nation’s roadmap to an equitable and quality health system for RMNCAH.Written by Edit Oktavia Manuama, National Professional Officer (Maternal, Newborn, and Child Health), and Jessie Yunus, National Professional Officer (Gender, Rights, Equity, and Disability Inclusion)
'Toughest quarter yet:' Eagleville shop reflects challenges facing small businesses
Bank of America data shows small business profits hit a two-year low in April. Eagleville shop owners share how community support is key.
Missed Opportunities: Using Medicaid Section 1115 Projects to Improve the Health of Medicaid and Medicare Beneficiaries
Medicaid Section 1115 demonstration projects are widely used to test innovative policies but are subject to “budget neutrality” limits so that federal expenditures do not exceed what the federal government would have spent if the project was not adopted.
Rep. Davis appeals for federal funds to reopen bankrupt rural hospital
Rep. Davis is urging President Donald Trump to provide tens of millions of dollars in federal funding to reopen Martin General Hospital.
Racial Equity Impact Assessments as Tools for Advancing Population Health and Equity in Local Policy
Racial equity impact assessments (REIAs) are used by local governments to integrate equity considerations into policymaking and decision-making processes by evaluating potential impacts of proposed legislation before enactment.
Ex-Federal Reserve chair Jerome Powell sounds alarm over political interference
Powell says central bank has been facing ‘stress test’ under Trump, as supreme court weighs decision on Fed governor that president tried to fire
Fed's Powell warns Trump's political 'stress test' will wreck public trust in central bank
Jerome Powell said White House pressure on the Fed will damage public trust in the U.S. central bank.
MidFirst Business Credit Expands Southeast Team
MidFirst Business Credit, a division of MidFirst Bank, added two senior commercial finance professionals to its growing team. Norb Schmidt and David Ellington
Jerome Powell uses JFK award speech to warn against political pressure on Fed, courts and schools
BOSTON (AP) — Former Federal Reserve Chair Jerome Powell used one of his first major public appearances since leaving office to defend independent institutions while accepting an award Sunday honoring his efforts to preserve the central bank’s independence.
After Gaza, Israel is now causing the West Bank health system to collapse
Most Medications Are Missing From Public Pharmacies, and Many Patients Cannot Afford to Buy Them on the Private Market. Israel's Seizure of Customs Revenues Has Significantly Deepened the Palestinian Health Ministry's Debt, and It Warns: Soon We Will No Longer Be Able to Provide Essential Health Services
GL.iNet Releases The World’s First True Tri-Band Wi-Fi 7 Travel Router
This pocket-sized Wi-Fi 7 try-band router is small enough to take on the road. It can be run from a power bank using a 5G dongle for completely portable use in the field.
Job seeker explains two scams he encountered when searching
A graphic designer who used to design cybersecurity content for a bank said he was almost duped by two recruitment scams while job-hunting.
Bankers association elects new board, nonprofit hires first-ever chief advancement officer
Take a look at some of the recent promotions and new hires announced at south Louisiana businesses.
Shedeur Sanders Made Record-Breaking Money From NFLPA Group Licensing
Shedeur Sanders doesn't have a lucrative contract with the Cleveland Browns, but he still banked a ton of money in 2025. Since Sanders fell to the fifth round of the 2025 NFL Draft, his four-year contract with the Browns is worth roughly $4.6 million. Luckily for the Colorado product, he had a ...
Local Spotlight: Partnership comes 'Full Circle' for mental health
We shine a light on the important work Full Circle Life Enrichment Center is doing to provide mental health support to community members in the Bronx and how TD Bank is supporting this vital mission.
Still ringing a bell: F5 marks its 30th year in business
Seattle-based F5 marked 30 years in business Friday by ringing the Nasdaq opening bell. The application-delivery and security company has grown to $3.1 billion in annual revenue and outlived nearly all the marquee customers and the three investment banks listed in its 1999 IPO prospectus.
Fertitta Entertainment Agrees to Acquire Caesars Entertainment in $17.6B Deal
HOUSTON, LAS VEGAS AND RENO, NEV. — Fertitta Entertainment Inc., a private holding company controlled by the NBA’s Houston Rockets governor (i.e. owner) Tilman Fertitta, has entered into a definitive agreement to acquire casino and gaming giant Caesars Entertainment (NASDAQ: CZR) for $17.6 billion. Fertitta Entertainment plans to finance the acquisition through a combination of equity, assumed Caesars’ outstanding debt (approximately $11.9 billion) and new committed debt financing arranged by a consortium of 10 banks. Under terms of the agreement, Caesars shareholders will receive $31 in cash for each outstanding share, which represents a 49 percent premium to the company’s unaffected stock price on Feb. 25 (the last trading day before rumors of a potential transaction were reported) — $20.77 per share. Upon completion of the transaction, shares of Caesars Entertainment common stock will no longer be listed on the NASDAQ stock exchange. Caesars operates several major Las Vegas Strip properties, such as Caesars Palace, Harrah’s, Paris Las Vegas, Planet Hollywood, Horseshoe, The LINQ Hotel, Flamingo and The Cromwell. Fertitta Entertainment owns Golden Nugget Hotels & Casinos and operates more than 450 full-service restaurants around the world, including Landry’s, Rainforest Café and Morton’s. According to the press releases issued by both companies,…
Do Utahns support tax increase for Salt Lake City sports, entertainment district?
City banking revenue for planned sports, entertainment, culture and convention district
M&T Bank Stadium renovations add entertainment district
A $435 million renovation at M&T Bank Stadium will introduce an entertainment district, expanded concourse and upgraded amenities.
Spurs Game 6 entertainment, giveaways announced for game vs Thunder
The Spurs announced live performances, giveaways, and in-game entertainment for tonights Game 6 against the Thunder at Frost Bank Center.
Launder Your Bottom Line with Money Fronts Bonuses
Give tourists and locals a bird’s-eye view of the Southern San Andreas scenery while taking your money laundering business to new heights with the Higgins Helitours front — available for Hands On Car Wash owners to claim for free at Maze Bank...
The YOLO Caucus Is Growing. What Does It Have Planned? | WSJ Politics Newsletter for May 28
Plus, President Trump says Iran is miscalculating his urgency to end the war, and the administration’s new bank accounts for children goes live
Control Without Ownership: How China's Party-Business Networks Dominate Indonesia's Mineral Supply Chains
In 2024, when Jiangsu Delong, the world’s second-largest stainless-steel producer, filed for bankruptcy, several Chinese firms and state-owned enterprises
Fed's Goolsbee says oil shock could exacerbate inflationary impulse of AI hype
Chicago Federal Reserve President Austan Goolsbee on Thursday amped up his warning that mounting expectations for the productivity-boosting potential of AI could send inflation higher and force the Fed and other central banks to raise interest rates.
Vanderbilt Health-led team wins NIH Replication Prize for biobank data quality tool
The team measures how reliably data in large DNA biobanks reproduces previously published genetic findings.
Downtown Association offers incentives for business leases
The Downtown Association of Fairbanks has two ongoing programs to incentivize businesses and restaurants to hang their shingle up in a downtown Fairbanks location.
Alaska Science Forum: Mind-bending science for this science layman
Exploring scientific frontiers with the University of Alaska Fairbanks’ Geophysical Institute
Crypto Firms and Automakers Are Looking to Open Banks, at Trump’s Urging
Urged on by the White House and a reduction in regulatory oversight, crypto companies and automakers are among those that have applied for banking charters.
Murfreesboro indoor play space owner says state error drained business bank account
Kids Corner owner Cayla Poindexter says her indoor play space has been struggling to stay afloat after she lost thousands of dollars due to a state error.
Chelsea State Bank Grows Business Lending Services
Airdate: May 21st, 2026 Baseball D2 Districts Northwest vs Western, 5-26-26 | Photo GalleryMay 26, 2026Softball D2 Districts Williamston vs Western, 5-26-26 | Photo GalleryMay 26, 20262026 Selby Track & Field Classic ResultsMay 26, 2026End of Year Report with Napoleon Superintendent Pat DillonMay 26, 2026Chelsea State Bank Grows Business Lending ServicesMay 26, 2026Walton Insurance Group…
UK gilt yields retreat from multi-decade highs as political drama mellows, rate hike expectations ease
As bond markets returned from a bank holiday on Tuesday morning, the yield on the benchmark 10-year bond stood at 4.85%.
PSA: You Can Pre-Order Star Fox Physically For Less Than The Digital Version (UK)
Do a bank roll!
More families struggling with cost of food, No Kid Hungry Florida poll says
Floridians are facing tough choices as they struggle to afford groceries.
Big Bets Report: Bettor Banks $290k on 6-Leg MLB Parlay
One bettor bagged six figures on a six-leg MLB parlay, while another cashed in on the Knicks' miraculous ECF Game 1 rally. Patrick Everson has the scoop.
Carver State Bank expands to Atlanta and Birmingham, strengthens small business lending
Carver State Bank is expanding into Atlanta after acquiring a branch in Georgia’s capital city. Bank president and CEO Robert James says the move builds on the bank’s Birmingham expansion and growing focus on small business lending, underserved communities, and strengthening Black-owned banking across the Southeast.
Sprinkle list: Lawmakers steer millions toward South Florida projects
Last-minute legislative earmarks sent millions toward South Florida education, healthcare and infrastructure initiatives.
Bitcoin Depot declares bankruptcy, lays off more than 100 staff at corporate office
The company said it will undertake an "orderly wind-down" and sell off its assets.
Semiconductor decoupling. Powell's politics. Industrializing Ogaden. Free trade and the Magna Carta.
Thank you for opening your Chartbook email. Feliks Topolski, 1907-1989 8th Army’s Front, Italy 1944 Semiconductor decoupling Source: FT One thing that Jerome Powell deeply understood is that chairing the Fed under current conditions is a deeply political job. “Powell has successes and mistakes to his name. But he stands out as having thought more carefully about the Fed’s democratic legitimacy than any chair since Paul Volcker,” said Paul Tucker, a former deputy governor at the Bank of England, referring to the Fed chair who successfully fought the great inflation of the 1970s and early 1980s. … While Powell was at the Treasury in the early 1990s, he watched Alan Greenspan build relationships within the government. That convinced Powell he needed to follow the former Fed chair’s lead and spend more time in Congress than his predecessors Yellen and Bernanke. “The accountability for the Fed runs through Congress,” said Claudia Sahm, a former Fed official who is now chief economist at New Century Advisors. “That’s not just about having people on speed dial — it’s answering questions, explaining policy and getting feedback.” Source: FT Ethiopia’s PM Abiy and Nigerian business tycoon, with Chinese engineering, are driving industrialization in Ogaden/Somali region of Ethiopia. - Michael Masri’s reporting for Africa Report if fascinating. Ethiopia has launched a cluster of large industrial schemes in the Somali region, laying foundation stones for a urea plant and an oil refinery in Gode while opening the first two phases of the Ogaden LNG project. Abiy Ahmed framed the push as part of a broader strategy to link energy, agriculture and industry. “These projects embody more than industrial growth,” he said. “They represent our shared responsibility to harness opportunities, strengthen co-operation and promote peace.” The Gode urea plant, backed by Dangote Group and Ethiopian Investment Holdings (EIH), is designed for 3m tonnes a year. Dangote owns 60%, while EIH holds 40%. Officials say Dangote’s equity totals about $2.5bn, while the state provides land and implementation oversight. Gas from the Calub fields will be piped 108km to the site. Construction is slated for 40 months, with operations targeted for 2028. Ethiopia imports most of its fertiliser, spending more than $1.2bn a year for 1.5m–2m tonnes. Usage was roughly 1.7m tonnes in 2023, almost half of it urea, and demand for 2024–25 is put above 2.4m tonnes. If delivered on time, the Gode plant could cover domestic needs and allow exports to neighbours. Brook Taye, chief executive of EIH, called the venture “a significant milestone in the journey toward industrial self-sufficiency”. Dangote told the groundbreaking crowd that the complex would be integrated with gas supply and a polypropylene unit to support local inputs. He pointed to Ethiopia’s Grand Ethiopian Renaissance Dam (GERD), with a capacity of more than 5,000MW, and noted his group’s cement operations and expansion plans. The Gode refinery is being developed by Golden Concord Group of China. It is designed to process 3.5m tonnes a year of crude and condensate from the Hilala field, with associated storage. Backers say it will ease foreign-exchange pressure from fuel imports and anchor further industrial activity, including a proposed steel smelting site in Dire Dawa. GCL’s chair, Zhu Gongshan, cast the project as “a key step in Ethiopia’s path to energy sovereignty”, underscoring the Beijing–Addis ties. Financing details are still being finalised, but the refinery is central to the government’s energy-security narrative. Source: The Africa Report Dangote’s Ethiopian vision: Dangote began with cement. His crown jewel, Dangote Cement, dominates Nigeria’s market and has 10 operations in other nations in Africa. The formula has been consistent: identify sectors with chronic shortages – cement, fertiliser, sugar – commit massive local investments, and scale up to serve regional demand. Ethiopia was a natural extension of that model. In 2015, Dangote launched the Mugher Cement Plant outside Addis Ababa at a cost of $600m, with an annual capacity of 2.5 million tonnes. The investment gave him a firm foothold in one of Africa’s fastest-growing construction markets. But success came with risks. In May 2018, violent unrest led to the killing of Dangote’s country manager and temporary shutdowns at Mugher. While other investors might have retreated, Dangote doubled down. Today, he is preparing to spend $400m to expand Mugher’s capacity to 5 million tonnes, alongside a new grinding unit near Addis Ababa. Cement is just one market Dangote is targeting. Ethiopia’s enormous state-controlled sugar industry, long plagued by inefficiency and debt, has struggled for years to reform. Its Omo Kuraz Sugar Development Project, touted as one of the continent’s largest initiatives, continues to face delays and mismanagement. … The most ambitious venture of all is the planned fertiliser production complex in Gode, Somali region. Publicised on 28 August 2025, the Dangote Group and Ethiopian Investment Holdings (EIH) deal plans one of the world’s largest single-site urea manufacturing plants. The project costs an estimated $2.5bn and has an estimated capacity of 3 million metric tonnes annually, a rate that would not only render Ethiopia independent, but even a net exporter of fertiliser. EIH, the state wealth fund of Ethiopia, will hold 40%, while 60% is held by Dangote Group. … For Dangote, Ethiopia is a trifecta: Cement demand is projected to grow by 10% annually, its sugar consumption is growing with rapid urbanisation, and fertiliser demand is all but insatiable, given that farming supports the livelihood of 70% of Ethiopians. Source: The Africa Report The stakes for Abiy are high: For Addis Ababa, the $4bn fertiliser project in Ethiopia’s Somali region is no longer simply a manufacturing investment. It is increasingly being framed as a strategic state project tied to food sovereignty, import substitution and the government’s broader attempt to build economic resilience under mounting fiscal pressure. “Becoming self-sufficient in food is our main agenda,” Abiy says during the visit. “Land is needed; we have it. Water is needed; we have it. Human resources are needed; we have it.” The scale is enormous even by African industrial standards. Once operational, the plant is expected to produce three million metric tonnes of urea annually, potentially making it one of the continent’s largest fertiliser complexes. Ethiopian officials say the project now includes a 110km gas pipeline, a 120MW power plant, a polypropylene packaging facility and a two-million-tonne NPK blending plant. For a government grappling with chronic foreign exchange shortages, ballooning import bills and pressure on agricultural productivity, the numbers matter politically as much as they do economically. The decision to anchor the project in Gode is deliberate. Long viewed as peripheral to Ethiopia’s industrial economy, the Somali region is now being repositioned by the federal government as a future irrigation and agro-industrial corridor. Officials argue that the area’s vast land reserves and access to water could eventually support large-scale commercial farming capable of reshaping Ethiopia’s food economy. The government is simultaneously building housing infrastructure for about 5,000 residents near the plant, while officials project broader industrial expansion along the corridor. Abiy goes further, comparing the long-term revenue potential of the Gode development zone with Ethiopia’s flagship state enterprise. “The investments we are making in this Gode area, combined, will generate high revenue for Ethiopia, at par with Ethiopian Airlines,” he says. Source: The Africa Report Feliks Topolski 1907-1982 Topolski’s Chronicle, ‘Nazi Revival’, Vol. 8, Is. 1-2, 1960 HEY READERS, THANK YOU for opening the Chartbook email. I hope it brightens your day. I enjoy putting out the newsletter, but tbh, what keeps this flow going is the generosity of those readers who clicked the subscription button. Photo by Jakub Dziubak on Unsplash If you are persuaded to click, please consider the annual subscription of $50. It is both better value for you and a much better deal for me, as it involves only one credit card charge. Why feed the payments companies if we don’t have to. Subscribe Grim vision of drone warfare by Sylvie Kaufmann For contributing subscribers only. Subscribe The state of the art in Colbert-studies. Jean-Baptiste Colbert was Louis XIV chief minister from 1661 to 1683 and traditionally seen as an architect of absolutism and mercantilism. Alexander Hamilton later cited him as an inspiration in 1782. Now his legacy is disputed. Daniel Dessert, the chief critic, sees Colbert as the orchestrator not so much of an absolutist state as of an elite cabal. Would be great to have a good English-language review of this important debate. Source: lhistoire Didn’t know that the Magna Carta included free trade provisions Fighting for the right to the beach in Oregon in 1967: Source: Research Gate RAF Station – British and Polish Flags, c. 1940-45, The Ingram Collection Feliks Topolski, 1907-1989 ink and wash If you’ve scrolled this far, you know you want to click: Subscribe
BANKING: Wallace, Hildebrandt - Los Angeles Business Journal
BANC OF CALIFORNIA HIRES FOR GROWTH IN PAYMENTS AND SMALL BUSINESS LENDING Banc of California has welcomed two bankers to support its growing commercial
BUSINESS BRIEFS May 25, 2025: Business news in the Berkshires and beyond
Business news from Beacon Bank, MountainOne, Greylock Federal, and more.
Bank lending to UK businesses falls to lowest level in nearly 30 years
Weak economic growth and tighter regulation hit credit for small and medium-sized companies
China’s machinery giant XCMG eyes bigger scoop of global sales
State-owned firm banks on intelligent manufacturing, green technology, product integration and digital services to boost sales overseas.
The 4th BOCHK Science and Technology Innovation Prize Award Ceremony Concludes with Great Success
The 4th BOCHK Science and Technology Innovation Prize Award Ceremony, organised by the Hong Kong Alliance of Technology and Innovation (HKATI) and title-sponsored by Bank of China (Hong Kong) Limited (BOCHK), was concluded successfully. The Ceremony was officiated by distinguished guests including Mr Leung Chun-ying, Vice Chairman of the National Committee of the Chinese People's Political Consultative Conference (NCCPPCC); Mr Zhang Yong, Deputy Director of the Liaison Office of the Central Peop
Bond breakout? Big effects of bad data. Immigration and thermostatic politics & dad-chat is coming for dad-books.
Thank you for opening your Chartbook email. Anna Airy, A Shell Forge at a National Projectile Factory, Hackney Marshes, London, 1918 Bond breakout - John Authers Across the developed markets, bond markets are staging a slow-motion car wreck. Looking at the drastic moves in the US, Japan, the UK and France, Barclays’ Ajay Rajadhyaksha commented: “Last week, long bonds broke. Not in one country. In all of them. Simultaneously. Four countries. Four different political systems. Four different central banks. But the same trade — “get me out of duration!”” Each country has its own contributing political problems, but the uniformity of the shift out of long-term bonds with high duration makes clear that something broader is afoot. For Rajadhyaksha, it is “simple and uncomfortable.” The developed world “has too much debt, too little fiscal discipline, and no political appetite for fixing either.” If there’s a trigger, it has been the Iran war and the resulting shock to oil supply. Source: Bloomberg G7 countries are now borrowing at rates that were enjoyed by EM in the early 2020s For contributing subscribers only. Subscribe Trade between China and Russia has grown in recent years For contributing subscribers only. Subscribe Big effects of bad data A decade ago nearly nine in ten Americans, when approached, agreed to fill out the Current Population Survey, which is administered to about 60,000 households each month and asks about, among other things, employment. Fewer than seven in ten do so now (see chart 1). For the Consumer Expenditure Survey, which tries to capture 3,700 households monthly, the response rate is down from 68% to 40%. … When the information becomes less reliable, investment decisions get more difficult to make. Some may be delayed, creating a potential drag on the economy. A new working paper by Nicholas Bloom of Stanford University, Erica Groshen, former head of the Bureau of Labour Statistics (BLS) now at Cornell University, and Duncan Hobbs and Michael Strain of the American Enterprise Institute, a think-tank, hazards an estimate. Preserving trust in “the integrity and quality of official statistics”, the authors claim, generates economic benefits of about $25 for every $1 spent on the BLS, the agency with an annual budget of $700m that is responsible for many of these data. To arrive at their conclusion the quartet analysed an ignoble episode in the BLS’s recent history. On August 1st 2025 Donald Trump sacked Erika McEntarfer, appointed as the agency’s commissioner by his predecessor, Joe Biden. The president alleged, without evidence, that the BLS’s steep downward revision to recent jobs numbers had been “RIGGED in order to make the Republicans, and ME, look bad”. In fact, it was the wanton dismissal that looked bad in the eyes of many observers. In the following seven days there was a 50% leap, relative to the week before, in the average value of the index of Economic Policy Uncertainty (EPU), which tracks the number of articles mentioning such uncertainty that are published daily in American newspapers. This was a discernible jump even when compared to the chaos caused by Mr Trump’s trade war in April 2025 and his real one in Iran in the past two months (see chart 2). Based on Mr Bloom’s earlier study with other colleagues of the EPU’s impact on business investment, industrial production and employment, the authors estimate that the jump reduced American GDP by over $100bn (0.3%) and non-farm payrolls by 168,000 (0.1%). Source: The Economist Immigration and thermostatic politics (Sarah O’Connor in the FT) A strange thing happened a year and a half ago. No sooner had Americans elected Donald Trump as president on an explicitly anti-immigration platform than US public opinion began to swing much more favourably towards immigration. … to political scientists who study “thermostatic” politics, this development is no surprise at all. Public opinion often moves against the prevailing party, especially if they are perceived to have gone “too far” in one direction. The phenomenon was first explored in the 1990s with reference to fiscal policy, but in recent years it has been particularly evident in the realm of immigration policy. While these swings in opinion polls can make it seem as if people don’t know their own minds, they can be a useful democratic check on governments by sending bright flashing warning lights when policies stray too far from the public’s comfort zone. The problem comes when politicians misinterpret those signals. When people tell pollsters they want less immigration, or think it is bad for the country overall (or the converse), they are often expressing an opinion about how things appear to be going in that moment relative to their preferences, rather than a deep shift in their underlying views. According to Alexander Kustov, a political scientist, most Americans’ views are quite stable and moderate: they support immigration that is controlled and in the national interest, and oppose flows that are disorderly or under-enforced. In the US, he argues the Trump administration over-interpreted dissatisfaction with high immigration under Joe Biden, and implemented policies that went too far for many voters. “People don’t necessarily change their idea about their ideal immigration policy, but they can react to what the government is currently doing,” he told me. “A lot of people are not happy with what the Trump administration are doing — right now we’re not talking about border enforcement, we’re talking about people not just getting harassed, but killed.” But similarly, he added, pro-immigration advocates would be making a mistake to interpret the recent, more favourable swing towards immigration as a deep-seated ideological shift in attitudes. The recent history of UK immigration policy offers another cautionary tale. After the 2016 Brexit referendum, public concern about immigration fell. This was partly because net migration statistics declined, but also because people felt a sense of catharsis and control, says Sunder Katwala, director of British Future, a think-tank. By 2019, the public ranked immigration as only the ninth biggest issue of concern, according to Ipsos polling. But when the Conservative government liberalised visa routes for students and care workers between 2019 and 2022, that helped net migration to surge. And so, too, did public concern. Today’s Labour government has implemented another sharply restrictive turn in immigration policy. As Kustov and researcher Caitlyn Yates argue, thermostatic public opinion should be a useful check on politicians. Instead it seems to have helped to magnify the pendulum swing in the UK. The government over-interprets and overreacts to a change in public opinion, which reacts in turn, prompting a sudden swing the other way. Source: Financial Times HEY READERS, THANK YOU for opening the Chartbook email. I hope it brightens your day. I enjoy putting out the newsletter, but tbh, what keeps this flow going is the generosity of those readers who clicked the subscription button. If you are persuaded to click, please consider the annual subscription of $50. It is both better value for you and a much better deal for me, as it involves only one credit card charge. Why feed the payments companies if we don’t have to. Subscribe Anna Airy, Shop for Machining 15-Inch Shells: Singer Manufacturing Company, Clydebank, Glasgow, 1918 Racing for a vaccine … we have been here before! The deadly Ebola outbreak in two African countries driven by a virus species with no vaccine has triggered an urgent search for a potential jab, in a test of troubled global efforts to avert threats posed by emerging diseases. A World Health Organization advisory group is due to would meet on Tuesday to recommend candidate jabs to prioritise for clinical trials, the global health body said. It will assess data including an analysis by the Coalition for Epidemic Preparedness Innovations (Cepi), which was set up after failures in the international response to a previous Ebola crisis. The latest Ebola outbreak in Democratic Republic of Congo and Uganda has infected hundreds of people and killed more than 80, health authorities say. Cepi’s reaction will be a crucial indicator of its progress towards its wider goal of producing vaccines for pandemic threats in just 100 days, despite steep cuts to international health funding. “If there was ever a time that we could show the world why Cepi is needed and show the world why the 100-day mission is needed, it’s now,” Nicole Lurie, the organisation’s executive director for preparedness and response, told the FT. “We’re happy to accept that responsibility, but obviously we need help from partners — particularly financial help in the long run.” DR Congo and Uganda would make the final decision on whether to press ahead with any vaccine candidates endorsed for clinical trials by the WHO experts, the global health body said. “Other ethical and community acceptability issues will be considered,” said the WHO, which declared the latest outbreak a public health emergency of international concern on Sunday. “This will be important to make sure that the trial, if it happens, will be adequately communicated to the population.” Lurie said Cepi had provided information from a survey of research teams and companies working on drugs that might be effective against the Bundibugyo virus behind the outbreak. The organisation hoped soon to announce partners in the quest for a jab, she added, although she declined to give a timescale for when one might be developed. Cepi’s Nicole Laurie said global health bodies were ‘getting some live-fire drills’ with hantavirus and the latest Ebola outbreak. The hunt for a vaccine should be helped by scientific advances including the use of artificial intelligence to find drugs active against viruses, Lurie said. Existing jabs against the Zaire Ebola virus responsible for many previous outbreaks might provide a basis for tackling the Bundibugyo species, she added. “We’ll see how far and how fast we can get,” Lurie said, adding that Cepi had done preliminary work recently on a possible jab for the rat-borne hantavirus responsible for a recent fatal outbreak on a cruise ship. “Both with hantavirus and now with Ebola, [we] are getting some live-fire drills.” Source: Michael Peel in the Financial Times Dad-chat is coming for dad-books. (By Pamela Paul and Jeffrey A. Trachtenberg in the WSJ) They were the go-to gifts for Father’s Day: a book about some little-known chapter of World War II, the sweeping narrative of a shipwreck, perhaps the latest presidential biography. These days, dad books are a dying breed. Nonfiction book sales have been in decline for the past four years, and are now the most challenged segment of the print book market. Publishers say certain types of books still fare well—including celebrity memoirs and religious titles. But in recent years, print sales in such categories as biography, current affairs and business and economics—what publishers refer to as “serious nonfiction” and which tend to resonate especially with men—have fallen considerably. Sales of nonfiction print titles were down nearly 8% through May 9 this year, and sales of books about politics and current affairs were down 19%, according to book tracker Circana BookScan. Publishing has long been subject to cyclical changes, with trends in format and genre taking over bookshelves in grand sweeps. (Remember the adult coloring-book craze? Or the stratospheric rise of romantasy?) But many in publishing believe the decline in serious nonfiction is more existential. “The trend couldn’t be clearer,” said Jonathan Karp, the former chief executive of Simon & Schuster and publisher of the new Simon Six imprint. “This is a sea change and people should wake up and realize we’re living in a new world.” One culprit for the shift: a new media diet for fans of more serious nonfiction. … Sixty-two percent of men and 54% of women consumed a podcast in the prior month, according to a recent survey by Edison Research at SSRS, up from 46% and 39%, respectively, in 2023. “When we have internal meetings to talk about this problem, it always comes around to podcasts,” said Jonathan Burnham, president and publisher of the Harper Group at HarperCollins Publishers. “The man who wants to read American history is now tuning into one of the many good podcasts about history that lends the quiet attention to a serious subject he’s looking for. It makes the idea of sitting down with a 700-page Ron Chernow book less appealing. You’ve scratched that itch.” Source: Wall Street Journal Remarkable report by Novara from the nationalist rally in London in mid May. Anna Airy, Leopard Moth and Plums, 1915 If you’ve scrolled this far, you know you want to click: Subscribe
Governor taps health, banking, business leaders for Northwest Florida State College board
The appointments are subject to confirmation by the Florida Senate.
Governor taps health, banking, business leaders for Northwest Florida State College board
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