Newsletter Nov 19, 2024

Quick Six

Biden gives Ukraine green light to use US missiles in Russia
President Joe Biden has authorized Ukraine to use long-range US missiles against military targets inside Russia, According to media reports, Ukrainian President Volodymyr Zelensky has pushed for and received authorization from Washington to use ATACMS to hit targets inside Russia. Russian President Vladimir Putin has warned that approval would mean that NATO was "at war" with his country -- a threat he has made previously when Ukraine's Western backers have escalated military assistance to Kyiv. The policy change comes as North Korean troops arrive in Russia.
SEE HOW NATO IS RESPONDING TO BIDEN'S BOMBSHELL

New Starbucks CEO seeks to address employee relations
Starbucks, under new chief executive officer Brian Niccol, is working to improve work conditions for employees, an issue that's become so prevalent that it led to unionization. Some of the ongoing challenges facing workers includes short-staffing and bottlenecks in the workflow, which led to customer dissatisfaction and declining sales. Same-store sales in the U.S. dropped 6% in the latest quarter with adjusted earnings per share sinking to 24%.
HOW STARBUCKS IS TRYING TO THWART UNIONIZATION

Spirit Airlines files for bankruptcy following failed merger
Spirit Airlines has filed for Chapter 11 bankruptcy as part of a plan to restructure its balance sheet and strengthen its position as an affordable commercial flight carrier. Spirit Airlines says it has secured a restructuring support agreement that includes a $350 million equity investment and $300 million in financing. The plan aims to cut Spirit's debt by $795 million and support its operations.
HOW THE FAILED MERGER WITH JETBLUE LED TO FILING

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DJIA	43,389.60	-0.13%
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Japan: Nikkei 225	38,431.44	0.55%
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* As of market close

Biden traps Trump, bids $4B to poor nations

President Joe Biden announced a "historic" $4 billion pledge for a World Bank fund that helps the world's poorest countries, the White House said Monday, before Donald Trump takes office with a new cost-cutting agenda. The outgoing leader unveiled the money for the International Development Association as he attends the G20 summit underway in Rio de Janeiro, his last time at the gathering of world leaders. A senior US administration official said the pledge would not be binding on Trump's incoming administration but said previous Republican governments had also backed top-ups for the fund.

HOW BIDEN IS TRYING TO TRUMP-PROOF THE PRESIDENCY

Is AI's meteoric rise finally starting to slow?

A growing belief in Silicon Valley could have immense implications: the breakthroughs from large AI models -- the ones expected to bring human-level intelligence in the near future -- may be slowing down. Since the launch of ChatGPT in 2022, AI fans have maintained that improvements in generative AI would accelerate exponentially as tech giants kept investing. Progress was advancing at such a rapid pace that leading industry figures, including Elon Musk, called for a moratorium on AI research. Yet the major tech companies, including Musk's own, pressed forward, spending tens of billions of dollars.

SEE WHY AI MAY HAVE MORE LIMITATIONS THAN ANTICIPATED

Record travel expected for Thanksgiving

Americans are expected to set a travel record this Thanksgiving, with nearly 80 million people forecast to journey 50 miles or more from home -- an increase in 1.7 million over last year and 2 million more than in 2019, according to travel group AAA. The projected figures this year include, for the first time, the Tuesday before and the Monday after Thanksgiving, providing a more comprehensive view of the travel period as more people travel to celebrate the holiday season.

SEE HOW TRAVEL PRICES COMPARE TO PREVIOUS HOLIDAYS

Extra point

When did the number of air travelers surpass train travelers in the US?

Monday's answer: The oldest fast food restaurant chain still in operation is White Castle, which was founded in 1921 in Wichita, Kansas.

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