Daily Dozen | Forbes: Hurricane Fiona’s Devastation; Refugee Jobs; Cannabis Loan Sharks

Both cryptocurrencies and the stock market suffered a setback as investors remain concerned about the Fed’s next expected rate hike. New York hits the jackpot when it comes to sports betting. LIV Golf CEO Greg Norman will advocate for the league’s business ties with Saudi Arabia to lawmakers in Washington, DC.

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In the news today

  • Hurricane Fiona has caused “catastrophic” damage, says Puerto Rico Governor Pedro Pierluisi. At least two deaths have occurred on the island and prompted the evacuation of hundreds of residents when it cut power, triggering landslides and massive flooding. Fiona has since been upgraded to a Category 3 storm with maximum sustained winds of nearly 115 mph as it continues to the Dominican Republic, where at least one other person has died.
  • Around 2,000 people attended on Monday the funeral of Queen Elizabeth II, England’s longest reigning monarch. President Joe Biden and New Zealand Prime Minister Jacinda Ardern were among 500 world leaders in the crowd as hundreds of thousands gathered in the streets. Her funeral could become one of the most-watched television events in history.

Top take aways

After the worst week in markets since June, shares fell on Monday on investor fears The Federal Reserve will hike rates again this weekwith the Dow and S&P 500 both falling 0.4% and the Nasdaq 0.3%. Similarly, bitcoin hit a three-month low, while ether is down 20% since the merger as investors flee risky assets ahead of the Fed’s announcement.

Amazon, Hilton and PepsiCo are among nearly four dozen major companies that have newly agreed to participate in an initiative by the nonprofit Tent Partnership for Refugees, founded by Chobani billionaire Hamdi Ulukaya, a Kurdish man who grew up in eastern Turkey. to take on a total of 22,000 refugees in the coming years. Zelt appreciates the willingness to commit Generating $915 million in annual income for refugees in the United Stateswhile the organization previously found that 73% of employers reported higher employee retention among refugees than other workers.

The New York sport saw more than a few wins in the NFL’s first week of the season, the Empire State noted 15.7 million mobile transactions in sports betting apps, and eclipses the rest of the states that have legalized wagering. The promotion accounted for 15.3% of all mobile bets nationwide during the first week of football matches, even though New York only launched its mobile sports betting market in January.

With federal law banning cannabis, marijuana companies have difficulty gaining access to the banking system, even in places where sales are sanctioned. That means the price of doing business is double digit interest rates sometimes reach loan shark territory at 40%. And when companies are able to raise financing, interest rates can soar to 100% if loans aren’t paid off within 30 days.

Greg Norman, CEO of LIV Golf, travels to Washington DC To discuss concerns about the controversial new circle’s business ties with Saudi Arabia with lawmakers. The commissioner will reportedly meet with both Democrats and Republicans to unveil LIV’s business model, which drew attention this year when the league awarded several top PGA Tour players for sums reportedly as high as $200 million. dollars looted.

The same hacker who gained access to the servers of ride-hailing giant Uber is said to have penetrated the systems of Rockstar Games, developer of the popular video game series Grand Theft Auto, just days later. The perpetrator, using the alias “TeaPot,” he claimed stripped the systems through a process called social engineeringwhere an employee of a company provides credentials under the assumption that a hacker is a representative of the internal IT department, or some other similar trick.

Today’s must read

How Putin’s invasion of Ukraine brought a windfall to Enviva’s wood pellet business

Environmentalists have doubts, but John Keppler’s faith in the energy source is being rewarded by European customers willing to pay top dollar.

In case you missed it

Pan Sutong bet billions on a huge project building opulent homes in Tianjin for China’s nouveau riche – but the gamble backfired and now Pan’s creditors want to confiscate his fortune. The once flamboyant entrepreneur, who rose to sixth place in Hong Kong’s wealth rankings just five years ago, is now being dashed under a mountain of debt.

Tips you can trust

  • Being turned away by a recruiter can be painful, not to mention confusing, when their once-stubborn communication has led to them ghosting you. Here’s a glimpse into the cutthroat business of headhunting, with a few pointers on why this recruiter changed their mindset and how to get ahead in your job search.
  • Patagonia founder Yvon Chouinard’s decision to donate his $3 billion business to a tax-exempt nonprofit not only made headlines last week, but also sparked discussion about the tax laws that made the move possible without income, gift or inheritance taxes. The loophole has historically been used by other businessmen for similar transactions, which recipient organizations can then use to support political causes with very few restrictions. Because of this, Congress could step in to end this tax break.

Must watch video

The Ethereum merger is complete: behind the scenes of a pivotal moment in blockchain

Ethereum core developer Preston Van Loon describes viewing the recent live stream of the Fusion – Ethereum’s transition from proof-of-work consensus mechanism to a more energy-efficient proof-of-stake – as akin to “a New Year’s ball drop.” Other blockchains may now come under pressure to consider similar options due to energy efficiency and improved decentralization benefits, he speculates. “This unlocks the next level of Ethereum to go global and actually become the global settlement layer it is meant to be.”

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