September 10, 2018
WHAT’S HAPPENING AROUND HERE
Monte Sano Art Festival will be held September 15 and 16, 2018. There will be more than 140 of the region’s finest artists in an array of wonderful media. Along with the outdoor festival exhibitors, the festival will continue to feature local food trucks and musicians throughout the park!
Monte Sano Art Festival Hours are:
Saturday, September 15 from 9:00 a.m. – 5:00 p.m.
Sunday, September 16 from 9:00am – 4:00 p.m.
The festival is free to attend, however there is a $5 parking fee to benefit Monte Sano State Park
THIS WEEK’S ECONOMIC DATA
- Weekly Jobless Claims fell to near a 49-year low, their lowest level since December 1969.
- Employment Situation Wage growth posted its biggest increase of the economic recovery in August, with average hourly earnings jumping 2.9%.
The European Investment Bank (EIB) has sold an innovative type of debt designed to raise funds to finance sustainable investments. The bank raised more than $500 million from a 7.5-year sustainability awareness bond, which priced at a yield of 0.445%. Its proceeds will be used to finance clean water supply, sanitation and flood protection projects.
INSIDE THE LOOP
Global Rebalancing – After years of battling Apple for high-end affluent consumers, Samsung is now looking to make its mark in the cheap smartphone space. The South Korean electronics giant is building the world’s largest phone factory in India in an effort to fend off Chinese companies from dominating the inexpensive phone market, which is twice the size of the high-end market, but offers lower profitability. Additionally, India is on pace to surpass the U.S. next year as the world’s second largest smartphone market after China.
Innovation and Transformation – Mercedes-Benz, the world’s largest maker of luxury cars, put Tesla in its sights this week as it introduced the EQC crossover, the company’s first model of its electric-vehicle line. Daimler, which includes the Mercedes and Smart brands, is making a $12 billion investment in the technology and anticipates offering 10 fully electric cars by 2022. The EQC, which is roughly the size of the popular GLC line, features a range of 280 miles per charge and accelerates to 62 mph in 5.1 seconds. Production of the vehicle starts in the first half of 2019.
Starbucks Breaks New Ground – The coffee giant entered uncharted territory this week with the opening of its first location in Italy, and this store isn’t any typical Starbucks. The Starbucks Reserve Roastery in Milan is 25,000 square feet, features an on-site coffee roasting facility and offers a wide array of items, from alcoholic beverages to pizza. The company exercised caution on its approach to the Italian market, opting to open with the experiential-based store model and working with multiple local partners.
New Distances – Last year Qantas challenged Boeing and Airbus to design a plane capable of making a viable direct flight from Sydney to London or New York. It appears they have succeeded. Boeing and Airbus confirmed last week that their long-held goal of nonstop 20-hour routes is becoming a reality. The airplane makers have developed long-haul versions of the Airbus A350 and Boeing 777 that can fly “farther than any regular service to date.” The 20-hour flights are in stark contrast to the early days of the Sydney-to-London route. In 1935, it took 12½ days to make the journey, requiring as many as 30 stops.
Talk about Money – Jeff Bezos’ net worth of $157 billion is now enough to buy all of Amazon’s inventory ($14.8 billion in its latest financial statements). Then he could add that of Boeing ($61.3 billion), Walmart ($42 billion), and Apple ($6 billion), too.
Thursday: Weekly Jobless Claims, Consumer Price Index
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QUOTE OF THE WEEK
“However beautiful the strategy, you should occasionally look at the results.” Winston Churchill
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*Economy and Equity Markets…(Source: Bloomberg)
*Fixed Income…(Source: Financial Times)
*Global Rebalancing…(Source: Wall Street Journal)
*Innovation and Transformation…(Source: Bloomberg)
*Starbucks Breaks New Ground…(Source: CNBC.com)
*New Distances…(Source: Bloomberg.com)
*Talk about Money…(Source: QZ.com)