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  • She lost her mother to gun violence. 5 years later, this vibrant fourth grader was killed while getting ice cream | CNN

    She lost her mother to gun violence. 5 years later, this vibrant fourth grader was killed while getting ice cream | CNN

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    Editor’s Note: This story is part of a series profiling American youth killed this year by guns, a leading cause of death of children in the US. Read more about the project here.



    CNN
     — 

    Every morning since the school year started, before teacher assistant Madelyn Cedeno shuts the front door of Peter A. Reinberg Elementary School at the start of classes, she peers out one last time.

    She hopes she’ll see Serabi Medina running late, with her playful smile, her big red hair flying and her father trailing just behind her. The teacher and student first bonded over their ginger hair when Serabi began kindergarten four years ago. “She just reminded me of me at her age with that color hair,” Cedeno said. “I pretty much told her, ‘All of us gingers around the world, we stick together in any kind of weather, so you and I are stuck together forever.’”

    “We were the gingers of Reinberg,” she said.

    The two often chatted in the school hallways and in the mornings, when Cedeno stood outside the school to greet students. And every day, before Serabi walked into school, she would tell Cedeno she loved her.

    They saw each other again in early August, after Serabi had finished a summer class she took before she was set to start fourth grade. Cedeno told her the upcoming school year would be fantastic. They hugged and said goodbye with their special, signature wave.

    Less than a week later, the vibrant 9-year-old was shot and killed, allegedly by a neighbor, in front of her Chicago home – one of at least 1,400 children and teens killed by a firearm so far in 2023, according to the Gun Violence Archive. Firearms became the No. 1 killer of children and teens in America in 2020, surpassing motor vehicle accidents, which had long been the leading cause of death among America’s youth, federal data shows.

    Serabi had been riding her scooter and had just returned from a nearby ice cream truck carrying two ice-creams: one for herself and one for her dad, who was outside with her. As she reached the door of their apartment building, authorities say neighbor Michael Goodman approached her and fired his gun, fatally striking Serabi in the head.

    He has pleaded not guilty and is being held without bond on first-degree murder charges. Goodman’s public defender, Kathryn Lisco, told CNN Goodman has been “plagued by debilitating and documented mental health issues over the course of his life.”

    “The real question we should be asking is why, despite Michael Goodman’s mental health history was he ever able to legally obtain a gun?” Lisco said.

    At every court hearing, Serabi’s family has been there, waiting for justice. It’s been rough, her father says. But that doesn’t even begin to describe it: Serabi was his “light,” the little girl he had devoted his life to after his partner, Serabi’s mom, was shot and killed five years ago right in front of their eyes. Chicago police say that investigation is ongoing, and no suspect is in custody.

    “Once I lost her mom, I lost half of myself, so my focus was all on my daughter,” Michael Medina told CNN in a recent interview.

    “She was just a beautiful girl, my light. She was my life.”

    Braids and press-on nails

    Even for those who knew her best, putting Serabi into words isn’t easy: She was unstoppable.

    Serabi was always happy, always active. She was a dodgeball champion, a YouTube enthusiast, an animal lover. She didn’t shy away from saying hello to strangers.

    “She was full of life,” her cousin, Jaleesa Medina, 29, said. “She wouldn’t need music to dance.” She loved to dress up during Halloween – last year, she dressed up in a Ghostbusters theme, her cousin recalled.

    Serabi is seen here with her cousin, Jaleesa Medina, in an undated picture.

    And she was creative, often putting press-on nails and pouring time into braiding her hair and coming up with new hairstyles, her father recalled. She’d often ask Medina for help, directing him to hold one braid as she worked on another. “Daddy, just do it, you can do it, don’t worry,” she’d encourage him.

    Serabi was fearless, never afraid to learn something new or stand up to someone decades older than her when she felt picked on. She was always cracking jokes to make others laugh, and often enjoyed sassy exchanges with family members, they said. At school, even the eighth graders knew her, her father says, and she was always trying to be “a comedian.”

    “She walked in the room with a big smile on her face and everyone just kind of turned and looked,” her principal, Edwin Loch, said.

    Five days after her death, Loch helped organize a candlelight service in her honor. He asked everyone to wear purple, her favorite color. More than a hundred people gathered to say goodbye.

    “She was never mean to anybody, always wanted to be the person that got people together, and have fun,” Loch recalled. “She just wanted to live.”

    Serabi Medina's favorite color was purple, her family said.

    To John Hogue Jr., her half-brother, Serabi was, first and foremost, his “baby sister.”

    John, 16, was the second person to ever hold her when she was born. He fed her when she was a baby, rocked her to sleep and watched cartoons like “Paw Patrol” and Barbie, just to spend time with her. When their mom, Blanca Miranda, was still alive, the three of them would often go to water parks and the movies.

    He had felt excited, he told CNN, to be a big brother to Serabi and wanted to take care of her. But often, it felt like she took care of him, he said.

    “She was always caring, and if something happened, she’d be there and help me talk,” John, a high school junior, said. “She’d talk like a grown-up, she was loving like a grown-up.”

    Serabi with her mother, Blanca, and brother, John, seen in an undated picture.

    It’s something many of her loved ones point out: Despite her young age, Serabi always seemed wise beyond her years, and quick to offer words of comfort to those who needed it most, though she was hurting from her own loss. Serabi saw her mother’s fatal shooting, alongside John and her father, when she was just 4 years old.

    “I don’t know if it was like a little sister feeling that she would get inside, but it seemed at times when I’d be hurting the most, she would reach out and say, ‘Hey, I love you,’” Serabi’s half-sister, Lacey Tatro, said. The two hadn’t seen each other in years but would video call almost every night. “That was my best friend,” Tatro said.

    After her mother’s killing, Serabi would also often console her aunt Juanita Miranda, Blanca’s sister. “Mommy’s okay,” Serabi would remind her, urging her not to cry.

    More about Serabi

  • She was shot and killed on August 5, 2023
  • She was 9 years old and preparing for fourth grade
  • Her neighbor, Michael Goodman, has been charged with murder and is expected again in court on December 6, according to jail records.
  • A verified GoFundMe has been set up for her family
  • Online, her family uses #justiceforSerabi for updates in the case

“She raised us,” Miranda said. “She taught me to be strong in a lot of ways, no matter what. And she still teaches me to this day.”

The two shared a special bond, Miranda said, since the very moment Serabi was born. “She came out with her eyes open, and I’ll never forget that,” she said of that moment. “She was just open to the world. She was my baby before I even had a daughter.”

Together, they made YouTube videos that never got posted, did internet challenges, and regularly ordered their favorite drink: iced coffee, extra caramel. Three days before Serabi was killed, she spent the night with her aunt, and they ate snacks, scrolled through TikToks and watched the Barbie movie.

Her niece’s loss, Miranda says, has left her deeply traumatized. But she’s determined to join other family members in court once the trial in Serabi’s killing begins. “I just want to know why,” Miranda said.

At school, faculty members are preparing to dedicate a permanent memorial on the campus Serabi once roamed. The past two months have been very difficult, Cedeno says.

“Her reminder, her presence is very, very strong,” she said. Mornings are the toughest.

At home, Medina misses his daughter’s voice, the brief arguments they’d share in the morning as they got ready to start the day, their walks to school, their bike rides in the evenings. Since losing her mother, Serabi and her father had become inseparable. Even when he spent time fixing cars in their garage during the frigid Chicago winters, Serabi was there, passing him the tools.

Serabi, left, and her father, Michael Medina.

“My baby was always with me,” Medina said. “That’s why I’m so lost now.”

After she died, Serabi was laid to rest with her mother.

John said he promised her he’d visit every weekend, but the visits are devastating reminders of the two losses the teen has suffered in the past five years: his mom, and his only little sister.

“When I go over there, I cry,” he said. “I just think about the times me and her had together.”

“She always loved me, her big brother.”

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  • Inside Kanye West’s troubled Adidas partnership: Tears. Rage. Thrown shoes. Even a scrawled swastika.

    Inside Kanye West’s troubled Adidas partnership: Tears. Rage. Thrown shoes. Even a scrawled swastika.

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    The ending of the partnership between the artist Kanye West, who now goes by Ye, in October 2022 appeared to come after weeks of his comments about Jewish people and Black Lives Matter, but the New York Times is reporting that the relationship was troubled from the very start.

    At a meeting on the collaborative creation of the very first shoe in 2013, Adidas
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    designers were stunned when West rejected all of the ideas that were presented using fabric swatches on a table and a mood board, the seven-month investigation found. Instead, West, the Times reports, grabbed a sketch and drew a swastika in marker.

    The move shocked the Germans in the room. Germany has a strict ban on displaying the symbol of the Nazi era apart from for artistic purposes. Adding to the sense of horror, the company’s founder — Adolf, or “Adi,” Dassler, who died in 1978 — was a Nazi Party member, and the meeting took place close to Nuremberg, where leaders of the Third Reich were famously tried for crimes against humanity.

    A year ago this week, Adidas threw in the towel.

    West’s fixation on the Nazi era continued, the Times reports, when he later told a Jewish manager at Adidas to kiss a portrait of Adolf Hitler every day. He also told Adidas workers that he admired Hitler’s use and command of propaganda.

    West also brought porn to the workplace and made crude, sexual comments at meetings, according to the Times report. Before the swastika episode, West, according to the Times, had made Adidas executives watch porn at a meeting in his Manhattan apartment.

    In 2022 he reportedly ambushed executives with a porn film. Other workers complained to top managers that he had made angry sexual comments to them.

    The artist, said to have been diagnosed with bipolar disorder, also frequently cried or became angry during meetings, according to the Times investigation. In one instance in 2019, he reportedly moved the operation designing his shoes to Cody, Wyo., and ordered the Adidas team to relocate. In a meeting to discuss his demands with executives, he threw shoes around the room, the Times reports.

    Adidas sought to adapt to this behavior, given how valuable the West-established Yeezy brand was to the company, locked in a perennial battle for both revenue and buzz with its U.S.-based rival Nike Inc.
    NKE,
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    Yeezy sales would rapidly surpass $1 billion a year and help Adidas resonate with young American customers.

    Ratings Game (July 2020): Gap hopes it can burnish its image with a new Kanye West clothing line, repeating the rapper’s brand success with Adidas

    Managers launched a group text chain they called the “Yzy hotline” to discuss his behavior. To reduce stress on individuals, the company is said to have rotated managers in and out of dealing directly with West.

    Over time, meanwhile, Adidas sweetened the terms of West’s deal. Under a 2016 contract, he was entitled to a 15% royalty on sales with a $15 million upfront payment as well as millions of dollars in Adidas stock. In 2019, a further $100 million a year was earmarked for marketing, but, in reality, West could spend those funds at will.

    A year ago this week, though, as public awareness of West’s problematic attitudes are remarks spiked, Adidas threw in the towel, and as sales of Yeezy shoes fell away, it warned it would record its first annual loss in decades. As West’s net worth plummeted, the company wrestled with the decision of how to dispense with its final $1.3 billion in Yeezy products, mulling options including disassembly and repurposing, donation to charity, and outright disposal.

    When a decision was reached to sell the product — in release batches — with some of the proceeds directed to charity and most of the rest flowing to Adidas, West, even then, was entitled to royalties.

    From the archives (October 2022): Kanye West is no longer a billionaire after Adidas shelves Yeezy partnership

    Also see (November 2022): Nike parts ways with Kyrie Irving as controversy swirls over Brooklyn Nets star’s apparent endorsement of antisemitic film

    After bottoming in October 2022, Adidas shares have mounted a 67% comeback, with relief over the company’s not having had to book a damaging loss on the Yeezy line one factor in the restoration of investor confidence.

    Adidas is quoted as having told the Times that it “has no tolerance for hate speech and offensive behavior, which is why the company terminated the Adidas Yeezy partnership,” while West reportedly declined requests for interviews and comment.

    The Times investigation is said to have been based on access to hundreds of previously undisclosed internal records.

    Read on: Michael Jordan is now worth $3 billion. Here’s what billionaire athletes have in common.

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  • Hasbro’s stock is having its worst month since the 1980s as toys sales tumble

    Hasbro’s stock is having its worst month since the 1980s as toys sales tumble

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    Shares of Hasbro Inc. got rocked Thursday, making investors suffer through the worst month in four decades, as a weakening toy market led the company to report disappointing third-quarter results.

    Heading into 2023, the toy market was expected to be down in the low-single-digit percentage range for the year, but the market’s performance has been “more challenging that planned,” Chief Executive Chris Cocks said on the post-earnings conference call with analysts.

    “We saw the category soften during [the third quarter] to negative 10%,” Cocks said, according to an AlphaSense transcript.

    The stock
    HAS,
    -11.42%

    fell 11.5% toward a seven-month low in afternoon trading and was headed for the biggest one-day selloff since it sank 18.7% on March 16, 2020.

    It has fallen in 14 of the 19 trading days in October, to plunge 26.7% in the month to date. That puts it on track for the worst monthly performance since the record 43.1% selloff in October 1987, the month when “Black Monday” occurred.

    Overall, third-quarter revenue fell 10.3% to $1.5 billion, to miss the FactSet consensus of $1.62 billion. The company’s consumer-products business, which includes toys, dropped 17.6% to $956.9 million, missing expectations of $1.1 billion.

    Sales for Habro’s entertainment segment fell 41.9% to $122.9 million, below Wall Street projections of $127.8 million, but the company was able to blame that weakness on the effects of the writers and actors strikes on film and TV revenue.

    It wasn’t all bad for Hasbro, however. Wizards of the Coast and digital-gaming revenue soared 39.6% to $423.6 million, well above expectations of $390.3 million, amid a more than doubling in digital- and licensed-gaming revenue behind “Baldur’s Gate III” from Larian Studios.

    For 2023, the company now expects revenue to be down 13% to 15% from 2022, which is much worse than previous guidance for a decline of 3% to 6%. The current FactSet revenue consensus of $5.5 billion implies a 6.1% decline.

    Hasbro also reported a net loss of $171.1 million, or $1.23 a share, after recording net income of $129.2 million, or 93 cents a share, in the same period a year ago. Excluding nonrecurring items, such as losses on assets held for sale, adjusted earnings per share rose to $1.64 from $1.42 but missed the FactSet consensus of $1.72.

    CFRA analyst Zachary Warring cut his price target on Hasbro’s stock to $68 from $85 but reiterated his strong buy rating, as the new target implied 40% upside from current levels.

    “Even though we were caught offside on this quarter’s results, we believe this is a multi-year opportunity to buy shares and expect digital gaming to continue momentum while consumer products has little downside,” Warring wrote in a note to clients.

    Meanwhile, shares of Hasbro rival Mattel Inc.
    MAT,
    -7.63%

    also dropped, down 7.1% toward a four-month low, even though the company’s third-quarter profit and sales beat expectations. That’s because strong sales of Barbie, Disney Princess and Disney Frozen dolls offset weakness in toys.

    Mattel said it expects toy-industry sales to decline in the mid-single-digit percentage range for the year.

    Mattel’s stock was down 15.2% in October, while the S&P 500
    SPX
    slipped 3.2%.

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  • This middle-schooler ‘knew how to be a best friend to everybody.’ Then gunfire erupted while she was out to buy milk | CNN

    This middle-schooler ‘knew how to be a best friend to everybody.’ Then gunfire erupted while she was out to buy milk | CNN

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    Editor’s Note: This story is part of a series profiling American youth killed this year by guns, a leading cause of death of children in the US. Read more about the project here.



    CNN
     — 

    It’s been almost nine months since Brexi Torres-Ortiz and her mom sang together – hitting every note, feeling every emotion with every word of a gospel tune that happened to be the 11-year-old’s favorite song.

    Take me to the King. I don’t have much to bring.

    My heart is torn in pieces; it’s my offering.

    Take me to the King.

    “You will cry just listening to her sing it,” said Brexi’s mom, Brenlee “Bre” Ortiz. “It’s like, she was so young, how did she know what this song was saying?”

    Back then, even Ortiz didn’t realize the depth of those lyrics, she said.

    Sometimes she wishes she still didn’t.

    The hymn’s power, though, has become clear, Ortiz said, since Brexi – short for Brexialee – was fatally shot while grabbing a gallon of milk from a corner store in Syracuse, New York – one of more than 1,300 youth killed by a gun this year in the US, according to the Gun Violence Archive, as firearms surpassed motor vehicles in 2020 as the nation’s No. 1 killer of children and teens.

    January 16 was supposed to have been a cozy night at home for Brexi, with a movie on the projector and blankets covering the floor after her favorite dinner of macaroni and cheese made from scratch by her grandmother. Brexi’s two sisters and their mom, after she got home from work, would have been with them.

    Instead, Brexi spent her last hours in a hospital bed on life support while Ortiz tried to make sense of how her middle daughter – while she was out to buy milk for the meal – got caught in what police described as a storm of bullets no more than 40 feet from her home.

    Three suspects – then ages 16, 18 and 20 – were arrested within 10 days of the shooting, an Onondaga County senior assistant district attorney told CNN, and indicted by a grand jury on second-degree murder and other charges, a court record shows. Two have pleaded guilty to second-degree murder and the third is due to go to trial early next year, according to prosecutor Anthony Mangovski and court filings.

    4 things you can do today about the US gun violence epidemic

    As the justice system’s response to Brexi’s killing unfolds, Ortiz attends every hearing.

    But still, she struggles.

    Every day.

    And every hopeless night.

    “As soon as I open my eyes, it’s her on my mind,” Ortiz said. “And as soon as I’m finally able to close my eyes, I don’t fall asleep but my body turns off and she’s in my mind and I can see her in my dreams.

    “But they’re not dreams; they’re nightmares.”

    She was everybody’s ‘best friend’

    The warmth of her smile, the way she made you feel after a hug and her ability to empathize with both her peers and adults are on the never-ending list of what made Brexi special, Ortiz said.

    “You never get to know a person, even if it’s your own kid, until stuff like this happens,” she said. “I didn’t want to find out like this.”

    At Brexi’s funeral, Ortiz received condolences from so many children, she said. “She was my best friend,” her mom heard more times than she could count.

    Brexi's image, stuffed animals and other decorations adorn her grave.

    Brexi “knew how to be a best friend to everybody and give each one of them what they needed,” Ortiz said. “She will be a way with you that she wouldn’t be with me because we don’t have the same needs.”

    The middle schooler also was student council president of her sixth-grade class, a “shining star” on the after-school dance team and “always encouraged others to make the right choice,” educators from her school said.

    Brexi’s death stole all that – while it also drove home her generation’s gun-violence reality, said her school’s psychologist, who discovered a broader horror as she went classroom-to-classroom to help the kids confront the killing.

    Brenlee Ortiz, left, prepares ice cream for students at her late daughter's school on

    “It was that every single child already knew what to do,” Kayla Gallagher said. “They had T-shirts, lanyards, hats, all sorts of clothing with her name and image. They created a shrine at her locker. They went to the vigils.”

    More about Brexialee Torres-Ortiz

  • Died January 16
  • Age 11
  • Shot while out buying milk at a corner store as three people, each with a semi-automatic handgun, opened fire on another person, according to her mom and a grand jury indictment.
  • Two teens and a young adult were arrested in the shooting, an Onondaga County prosecutor told CNN. All were indicted by a grand jury with second-degree murder in her killing, second-degree attempted murder in the non-fatal wounding of their intended target, plus second-degree criminal possession of a weapon, the court record shows.
  • Both teens pleaded guilty to second-degree murder in return for 20 to 25 years in prison, according to the prosecutor and court records. The older suspect pleaded not guilty and is set to go to trial in February
  • “The children are so used to this violence that they helped the adults in the building grieve,” Gallagher said.

    Now, Brexi’s school community honors her life every month on “Brexi Day,” with activities like putting on a talent show, decorating the campus with flowers or enjoying an ice cream treat.

    “We choose to remember her not for the sorrow of her passing but for the joy, determination and the sense of belongingness she brought to our school,” Leeza Roper, a teacher at Syracuse STEM at Blodgett Middle School told CNN.

    “Her legacy lives on in the hearts of those she touched.”

    Read other profiles of children who have died from gunfire

    At the Boys and Girls Club at Central Village where Brexi spent so much of her free time, her name was added to a sign outside the building and her photo hung in the entryway to commemorate the “wonderful impression” she left on the organization, said Stacey Nichols, spokesperson for the Boys and Girls Clubs of Syracuse.

    “I want that all the kids that go there not be sad when they see her picture,” Ortiz said. “I want them to be motivated to do more and to be better.”

    And the Syracuse Police Department worked with the Syracuse Housing Authority to purchase a bench that sits in front of the building in Brexi’s memory so her friends and family have a place to reflect and remember her, Syracuse Police Sgt. Brad Giarrusso said.

    “Brexi came from a forgotten community,” Gallagher said, “but she will not be forgotten by her community.”

    The Boys and Girls Club at Central Village renamed its site after Brexi.

    On October 7, Brexi’s loved ones celebrated what would have been her 12th birthday. But there was no cake and no Brexi to blow out the candles after the birthday song.

    Instead, relatives and friends gathered around her grave in the evening and released white balloons in her honor.

    “I gotta go celebrate my baby’s birthday at the cemetery,” Ortiz said. “There is no justice. Justice will be bringing my daughter back.”

    And though Ortiz would give anything for one more hug from Brexi or one more verse sung together, she takes an ounce of comfort, she said, knowing her daughter “finally made it to the King.”

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  • An A to Z of the top foods and drinks Australians love most — Vegemite included | CNN

    An A to Z of the top foods and drinks Australians love most — Vegemite included | CNN

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    CNN
     — 

    There are countless things about our homeland that Australians miss after moving abroad: the magnificent landscape, the laid-back lifestyle and that endless blue sky, to name a few.

    But something as simple as a trip to the supermarket can leave us expats – according to some reports there are an estimated one million of us – feeling desperately homesick.

    With its long history of immigration, Australia is quite literally a melting pot of cuisines.

    While some foods are the result of cultural influences such as the Chiko Roll, others are uniquely Aussie, like Golden Gaytime ice cream.

    And who could forget the most famous of them all, Vegemite, which turns 100 on October 25.

    According to the National Museum of Australia, it was invented by chemist CP Callister in Melbourne in 1923 when Australian food manufacturer Fred Walker asked him to create a product similar to British Marmite.

    “During the Second World War, Vegemite captured the Australian market. Marmite was unobtainable and the Australian Army supplied Vegemite to its troops,” says the museum in a post highlighting defining symbols of Australia.

    “In the 1950s and 60s, despite acquisition by the American company Kraft, Vegemite became a distinctively ‘Australian’ food. It featured in songs, on souvenirs and other popular culture ephemera. Vegemite returned to Australian ownership in 2017 when purchased by dairy company Bega.”

    More on this famed brown spread below as we round up the A-Z of Aussie favorites:

    Introduced in 1927, this simple dessert is an Australian classic.

    Every Australian child grew up singing the famous 1930s jingle: “I like Aeroplane Jelly, Aeroplane Jelly for me!”

    The brand’s “Bertie the Aeroplane” mascot was named after inventor Bert Appleroth – a Sydney tram driver who is said to have made the first batch in his bathtub.

    Although now owned by an American company, Aeroplane Jelly has hardly changed since grandma was a girl.

    Sure, there are plenty of brands of jelly available worldwide, but when it comes time to make a trifle or treat for the kids, Aussie parents can’t resist this familiar favorite.

    An Australian variety of mango that isn’t grown anywhere else in the world, the Bowen is considered the best of the best.

    It was first discovered in the northern Queensland town of Bowen, hence the name, but is also known as Kensington Pride.

    Bigger and juicer than other varieties, Bowen mangoes account for 80% of mangoes produced in Australia. Some are exported but arguably not enough for the huge number of mango-loving expats.

    To Aussies, mangoes are the taste of summer. No matter where we are in the world, the craving for a Bowen mango usually kicks in around Christmas.

    This strange little deep-fried snack has been an Australian icon since 1950 when it was first sold by an enterprising boilermaker at football games.

    Inspired by Chinese spring rolls, the exact recipe is a little unclear but the combination of meat, veg and some unknown spices hits the spot.

    Best consumed with a couple of potato scallops and a soft drink, the Chiko Roll is the go-to for tradies on their lunch break or those 3 a.m. munchies on your way home from the pub.

    And the only place to get them is a typical Aussie takeaway joint.

    Dukkah – a humble blend of crushed Middle Eastern spices, herbs and nuts from Egypt – has been embraced by Australian foodies.

    Its versatility is one of the reasons this condiment is so popular. Dukkah can be used as a garnish, a coating on a piece of meat or mixed with olive oil as a dip for bread.

    A number of producers have given the basic dukkah recipe an Australian twist by adding native ingredients, such as lemon myrtle, macadamia nuts, wattleseed, saltbush and pepperleaf.

    Expats can find many variations in Australian supermarkets and, fortunately, they’re often sold in packets small enough to sneak into a suitcase.

    Australia is one of the few countries where it is considered perfectly acceptable to eat the coat of arms.

    Exceptionally lean and gamey, emu and kangaroo tend to be popular among adventurous chefs in Australia.

    But when living abroad, neither is easy to get your hands on.

    A number of restaurants and specialty butchers offer native meats, but the expense involved in raising emus, in particular, means it’s harder to come by.

    The flat white is practically Australia's  national drink.

    Thanks to the influx of Greek and Italian immigrants who brought “proper coffee” to Australia post WWII, we have become a nation of coffee snobs.

    The flat white is almost Aussie enough to be called the national drink.

    All over the world, café goers and baristas have been confounded as Aussie expats seek out their favorite brew abroad.

    With less milk than a latte and without the froth of a cappuccino, the flat white requires special attention (it’s all in the pouring).

    One of the first questions asked on expat forums: “Where can I get a decent flat white in this town?”

    And it’s usually the first thing ordered at the airport café when back on home soil.

    Ice creams feature highly on the most-wanted lists of expats, so it’s only natural we highlight them here.

    Milky Paddle Pops and fruity Splice have been popular summer treats since the 1960s.

    Likewise, Weis Bars have also been around for more than 60 years, and the mango and cream concoctions invoke memories of lazy summer afternoons.

    But the number one, the crème de la crème, is the Golden Gaytime – a vanilla and toffee ice cream coated in chocolate and dipped in crunchy biscuit pieces that has inspired many a replica over the years.

    While the burger itself is not an Australian invention, we have added some unconventional ingredients that make the Aussie version truly memorable.

    Take the essentials – a beef patty, cheese, tomato, lettuce, grilled onions, tomato sauce (ketchup) – and add beetroot, pineapple, a fried egg and bacon, and you have yourself a massive mouthful.

    A quick online search reveals variations that include pickled beetroot and spicy mayo, among others, but the classic Aussie burger celebrates simplicity.

    It’s easy enough to replicate at home, but nothing beats the experience of ducking into the local milk-bar (café), or fish and chip shop, to enjoy a burger and a milkshake after a day at the beach.

    The Iced VoVo – a biscuit covered in pink fondant, raspberry jam and shredded coconut – is a national treasure.

    Produced by Arnott’s since the early 1900s, the iconic treat was mentioned by former Prime Minister Kevin Rudd in his victory speech after the 2007 election, leading to a spike in sales.

    “Friends, tomorrow, the work begins. You can have a strong cup of tea if you want, even an Iced VoVo on the way through. But the celebration stops there,” Rudd said.

    Not often found for sale overseas, this sweet treat is one to enjoy with a cup of tea when you’re home visiting mum.

    Caramello Koala is a brand of chocolate bar manufactured by Cadbury Australia.

    Ask any Australian expat what they miss most about ‘home’ and their list is sure to include at least one type of junk food – the absence of which is felt most keenly at kids’ birthday parties.

    Allen’s Lollies (candy) have been around for decades and Minties, Fantales, Jaffas, Snakes and the Classic Party Mix remain as popular as ever.

    The Aussie public doesn’t seem to mind that they are all owned by Nestlé, which is headquartered in Switzerland.

    Fairy Bread – essentially white bread covered in butter and sprinkles – is another party staple that manages to be devoid of nutrition but highly nostalgic.

    On return trips to Australia, expats are known to bulk-buy chocolate bars like Cadbury Cherry Ripes, Caramello Koalas and ever-popular Violet Crumbles.

    When it comes to savory junk foods, Smith’s Chips, cheesy Twisties and Nobby’s nuts are synonymous with snacking – and nothing produced overseas comes close.

    The perfect late-night snack.

    We tend to lump all Middle Eastern meat-and-pita combos under the heading of “kebab” and be done with it.

    Of course, there are subtle differences between doner kebabs, shawarma, souvlaki, and gyros – in both ingredients and quality – depending on the source.

    Connoisseurs agree that pork gyros (Greek flatbread filled with rotisserie-roasted meat) found in more legitimate venues around Australia are the best.

    Consider the sauce dripping down the front of your shirt an essential part of the experience.

    Proving that Aussies love anything with jam and coconut, the lamington is the country’s favorite cake.

    Named after Lord Lamington, Queensland’s eighth governor, these delightful squares of sponge cake – dipped in chocolate and coated with coconut – have become nothing short of a culinary icon.

    There are entire websites (and an Australian Lamington Appreciation Society) devoted to the origins of the lamington and how to make them. Achieving the right ratio of chocolate, jam and coconut is essential.

    Meat pies: Colloquially referred to as a

    There are pies, and then there are Aussie meat pies.

    Synonymous with afternoons at the football pitch, brands like Four ‘N Twenty and Vili’s have cornered the market for mass-produced pies.

    Small local outfits (like the Bemboka Pie Shop and Harry’s Café de Wheels) are institutions in their own right.

    Everyone has a favorite type, whether it’s shepherd’s pie, a floater with peas, cheese and bacon or straight-up meat.

    The only requirement? The pie is served piping hot with tomato sauce … and eaten one-handed.

    With Four ‘N Twenty now exporting to the United States and parts of Asia, some expats can get their pie fix without venturing too far.

    Australia’s love affair with Asian food is no secret, and our northern neighbors strongly influence what we put on our plates.

    Even Aussies living in Asia admit to craving “Aussie Chinese” or “Aussie Thai” – dishes that give a nod to the original but are not as authentic as the real thing. In fact, some would say they’re potentially even better.

    We’d argue the fresh, high-quality produce and quality meats available in Australia bring out the best in Asian dishes.

    A fishmonger shucks an oyster at the Sydney Fish Market.

    It’s fair to say that oysters are an acquired taste, but for those with a penchant for the salty mollusks, Australia produces some of the best in the world.

    You’ll find two main species in Aussie waters: rock oysters and Pacific.

    As bivalves, oysters filter the water around them and their location dictates their flavor.

    The pristine waters along Australia’s coastline provide the perfect conditions for oysters, and they rarely need any accompaniment.

    There’s nothing quite like eating these slippery snacks straight off the rocks – export just doesn’t do them justice.

    A pavlova cake is typically served with summer fruits heaped on top.

    The origins of this meringue-based dessert are hotly contested.

    Recent research suggests that the Pav didn’t come from the antipodes at all, but nevertheless it remains a firm favorite.

    Meringue, cream and plenty of fruit are the key ingredients, though there are no hard and fast rules about what has to be included.

    Expats living in tropical climes often bemoan how challenging it is to get a decent meringue, given humid weather can turn it soft and sticky, so Pavlova is a rare treat.

    Q: Quandong and quince

    Both the native quandong and the foreign quince lend themselves to some of our favorite condiments and desserts.

    Similar to a wild peach, the quandong is incredibly versatile and nutritious and can be made into juice, jam, filling for pies or eaten raw.

    The quince is a relative of the apple and pear, and while several varieties are grown commercially in Australia the fruit is best known as the star in Maggie Beer’s quince paste – the only way to eat soft cheese.

    Bottle number 1,888 of Bundaberg Rum's 125th anniversary rum.

    Bundaberg Rum, to be more specific. Or just Bundy, as it’s known to locals.

    This Australian beverage was created way back in 1888 to deal with an oversupply of molasses in Queensland’s sugarcane region.

    Producers believe that it’s the sugar, grown in volcanic soil, that gives Bundy its distinct, rich flavor.

    The distillery produces 60,000 bottles a day and the factory was the subject of a National Geographic documentary in 2013.

    To say this drop has cult status would be an understatement.

    Just throw a shrimp on the barbie.

    There are so many foods starting with S – smashed avocado, SAO biscuits, sausages – that could represent the land down under.

    But Australia’s best produce comes from the sea and expats fondly reminisce about mornings spent at the fish markets picking up the catch of the day before special occasions.

    While we’re known to “throw a shrimp on the barbie” there are some creatures that are far more popular.

    Barramundi, Balmain or Moreton Bay bugs, abalone, and of course, prawns are just some of the native seafood worth queuing for.

    Malted, creamy, crunchy goodness.

    Technically a junk food, Tim Tam biscuits are so famous, so overwhelmingly popular, that they deserve their own spot on this list.

    The original Tim Tams are the best: A chocolate-coated sandwich of two malted chocolate biscuits with chocolate cream filling.

    Arnott’s, the manufacturers, now export to more than 40 countries around the world, so you can get your fix whether you’re skiing the slopes of Niseko, in Japan, or catching rays on a Tahitian beach.

    Uncle Tobys began producing oats way back in 1893. But it wasn’t until the 1970s, when convenience foods started hitting the shelves, that they developed their now famous muesli bars.

    The ultimate lunchbox treat or after-school snack, kids had the luxury of choosing not only the flavor, but also the texture.

    Many a playground war has been fought over which was best – crunchy or chewy. For the record, we’re firmly in the crunchy camp.

    These days the range has grown to include yoghurt and choc-chip toppings. There’s even a lamington flavor.

    No round-up of Aussie foods would be complete without this ubiquitous salty brown spread, which turns 100 on October 25.

    Twenty million jars of Vegemite are sold each year – that’s one for every Australian citizen.

    Now owned by Bega Cheese, there was great joy when the icon returned to Australian ownership several years ago.

    No one else quite understands the appeal of our favorite toast topping.

    For those living in countries where it’s not yet exported, Vegemite comes in massive 560 gram jars and travel-sized tubes.

    While there are similar cereals available around the world, there’s nothing quite like “Australia’s favorite breakfast.”

    These small biscuits made from wholegrain wheat are occasionally available in supermarkets overseas, but they generally sell out pretty quickly.

    Aussie mums have been known to stock up on them on trips to the motherland.

    Best eaten with a little bit of sugar, some chopped banana and a lot of milk, Weet-Bix is promoted as family-friendly health food. But we’d love them even if they weren’t good for us.

    XXXX beer is a necessity, even during a flood.

    Another product of sunny Queensland, XXXX (pronounced four-ex) originated in Victoria in 1878 before moving north, where it is still produced today.

    XXXX has endeared itself to Aussies as a great brew and a big supporter of sports and small communities.

    It’s not widely available outside of Australia, but if you’re an expat in China or Dubai, you may be able to find it in a bar near you.

    For Australia visitors wanting to have a taste, Perth restaurant Grabs is famed for its yabbies.

    Small freshwater crustaceans, yabbies are similar to lobsters – both prized as delicacies.

    They’re hardy little creatures, and if you grew up on a farm chances are you spent your summers fishing for yabbies in the local creek.

    Yabbies have a lot of meat on them, mostly in the tail and claws, and it tastes sweet and succulent when cooked right.

    Expats might find these clawed crustaceans in restaurants, but you’re unlikely to find them in your local supermarket.

    The zucchini fritter is yet another delicious byproduct of immigration.

    Depending on who you ask, they’re either Turkish and served with yogurt, or Greek, in which case they come with tzatziki.

    Either way, olive oil should ooze out when you take a bite.

    In some parts of Australia, you can find zucchini fritters at a local takeaway, next to the potato scallops and Chiko Rolls.

    These fried pancakes may have more health benefits than your average fried snack, but they are no less delicious.

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  • How toy and game companies are winning back their grown-up former customers | CNN Business

    How toy and game companies are winning back their grown-up former customers | CNN Business

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    New York
    CNN
     — 

    I was on vacation and hanging out quietly in the hotel room with my friend when, out of nowhere, she screamed “Zoo Pals are back!”

    We immediately tried to buy some. But to our misfortune, they were sold out. For days we refreshed the page to see if they were back in stock. Sure enough, I got my Zoo Pals a few weeks later.

    I’m almost embarrassed to share that Zoo Pals are paper plates that feature the bright, adorable faces of animals like pigs, turtles, ducks and whales. Each plate has one main section and two subsections for the animal’s ears or feet. In 2014, Hefty, the maker of Zoo Pals, discontinued them.

    As a child, Zoo Pals were a game-changer. That meant broccoli didn’t have to, God forbid, touch my chicken nuggets, and they also provided a special area for dipping the nuggets in ketchup. And I had an incentive to finish my plate so I could see my Zoo Pal’s face again.

    As an adult, I no longer have such needs. But $6.99 was a small price to pay for a walk down memory lane.

    Adults are increasingly shelling out for relics of their youth and for items, ranging from flip phones to film cameras to Tamagotchis, that evoke a late 20th-century or turn-of-the century nostalgia. That demand has created a treasure-trove of sales in particular for toys and products, like my Zoo Pals, originally geared to children.

    Toy recipients ages 18 and up — also known as “kidults” — represented about 17% of total toy sales in the United States for the 12 months ending in June 2023, according to data consumer research group Circana shared with CNN. That’s up four percentage points from 2021 and up a whopping eight percentage points from 2019.

    In total, toy sales for adults increased by $1.7 billion to $6.4 billion from June 2021 to June 2023, according to Circana data.

    The trend of adults buying toys for themselves is relatively new, but longing for the glory days of childhood is not. So how come adults lately have been willing to spend so much money on toys to relive the past?

    The pandemic drove more people to revisit their youth

    Adults started purchasing more toys for themselves after the pandemic began. Covid ushered in heightened levels of anxiety and it caused people to think about dying more, explains Krystine Batcho, a licensed psychologist who teaches at Le Moyne College in Syracuse, New York.

    Both factors are associated with “greater nostalgia,” said Batcho, whose research focuses on the psychology of nostalgia. Batcho created the Nostalgia Inventory, a survey that’s been widely used to assess what makes someone more inclined to feel nostalgic.

    For instance, her research and other research she’s studied point to millenials and members of Gen Z being in life stages that are prime for feeling nostalgic. “The transition away from childhood and adolescence to adulthood entails a bittersweet conflict between the desire to grow into independence and the desire for the carefree innocence and security of childhood,” she said.

    And, in general, people become more nostalgic during difficult times and in threatening circumstances, Batcho added.

    During the pandemic, as people were looking for ways to entertain themselves at home or in small groups they turned to social media for ideas, Juli Lennett, Circana’s toy industry advisor, told CNN. That helped fuel an increase in purchases for games, puzzles, collectibles, trading cards, building sets and more, she said.

    “Consumers found like-minded toy consumers and tribes formed around certain toy categories and brands. It continues to this day,” Lennett said.

    In 2021, Lego launched an entire product line designed for adults that can be found under the “Adults Welcome” section of its site. “In a world of distractions, LEGO Sets for Adults offer a focused, hands-on, mindful activity. A creative recharge. A zone of zen. A place to find your flow,” a post on Lego’s site states.

    A growing share of adults are buying toys for themselves.

    Mattel Inc.’s American Girl doll line has also seen an influx of purchases made by kidults over the past few years, “and it continues to grow in popularity,” Jamie Cygielman, the president of American Girl, told CNN.

    That started to take off in 2021 when American Girl re-released six of the original dolls the company had produced to celebrate its 35th anniversary. The dolls, priced at $150, began to sell out the first day they were listed online, said Cygielman. More than half of those purchases “were women purchasing for themselves, not for a child,” she said based on a subsequent survey American Girl conducted.

    American Girl first started selling alcohol at its first retail store café in Chicago in 1998. Now all nine of its cafés either have full liquor licenses or serve beer and wine, making it a popular destination for Gen Z and millennial customers to celebrate bachelorettes and birthdays, often with their dolls.

    “So we started really leaning into it a bit more,” she said. That meant re-releasing more dolls and doll outfits adults grew up with as well as adding more alcoholic beverages and food items that appeal to adults to its in-store café menus.

    “Any given day as you walk into our café, you’ll see tables of young adults with not a child in sight,” said Cygielman. Many of them come there to celebrate birthdays and bachelorette parties, often with their dolls sitting in clip-on chairs beside them.

    Most recently, American Girl re-released two doll outfits that were originally sold in 1999.

    TikTokers and Instagramers had a field day seeing those and rushed to post about it.

    Since American Girl creates individual stories featuring historical eras like the Colonial period or World War II to complement the dolls they sell, users on social media started posting things like, “We need an American Girl doll who went to college in 2016.”

    The TikTok account that posted that request, @inbloombyemily, received nearly 200,000 likes on her video where she described the doll’s story and curated outfits and accessories which included a Svedka bottle of strawberry lemonade vodka.

    In February, American Girl rereleased the two outfits on the dolls pictured in the middle that were originally sold in 1999. It's part of the company's efforts to attract more nostalgic adults to make purchases for themselves.

    American Girl hasn’t seized the opportunity to actually make most of the dolls the memes capture, said Cygielman.

    “It’s a sincere form of flattery, but we don’t necessarily want to author it ourselves,” she said. “We’re still laser-focused on our core customer, which is that young girl and her caregiver gift giver.”

    As for the kidult trend, there are some signs that it could slow, Lennett said.

    “As consumers have less money in their wallets due to macroeconomic conditions, they are spending less on discretionary categories like toys,” she said. “If the conditions continue, we can expect a pullback in toy spending for adults.”

    But Batcho, the psychologist, notes that nostalgia can be healthy in hard times.

    “Nostalgic memories remind people of better times and can encourage them to seek solutions and move toward a more optimistic future,” she said. “Nostalgia has also been found to increase a sense of meaning and purpose in life. By strengthening social connectedness and feelings of belonging, nostalgia counteracts loneliness.”

    Even though the darkest days of the pandemic are, for the most part, in the rearview mirror there’s still “a nostalgic longing for the security and stability of pre-pandemic life,” Batcho said.

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  • Jim Jordan loses second vote for House speaker amid steep GOP opposition | CNN Politics

    Jim Jordan loses second vote for House speaker amid steep GOP opposition | CNN Politics

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    CNN
     — 

    Republican Rep. Jim Jordan again failed to win the House speaker’s gavel in a second vote on Wednesday, faring worse than he did during the first round of voting one day earlier. The loss raises serious questions over whether the Ohio Republican has a viable path forward as he confronts steep opposition and the House remains in a state of paralysis.

    Despite the defeat, Jordan has vowed to stay in the race. The House is expected to hold a third speaker vote on Thursday at noon ET. Without a speaker, the chamber is effectively frozen, a precarious position that comes amid conflict abroad and a potential government shutdown next month.

    The conservative Republican’s struggle to gain traction has also highlighted the limits of Donald Trump’s influence in the speaker’s race after the former president endorsed Jordan.

    As pressure grows on Republicans to find a way out of the leadership crisis, some are pushing to expand the powers of the interim speaker, GOP Rep. Patrick McHenry of North Carolina, though such a move would not be without controversy and has divided Republicans.

    During the first round of voting on Tuesday, 20 House Republicans voted against Jordan. On Wednesday, that number rose to 22, showing that the opposition against the candidate has grown. There were four new Republican votes against Jordan and two that flipped into his column. Given the narrow House GOP majority, Jordan can only afford to lose a handful of votes and the high number of votes against him puts the gavel far out of reach.

    Following his second defeat on the floor, Jordan indicated that he is dug in on pressing ahead.

    “We don’t know when we’re going to have the next vote but we want to continue our conversations with our colleagues,” he said, adding: “We’ll keep talking to members and keep working on it.”

    Jordan is a polarizing figure in the speaker’s fight, a complicating factor in his effort to lock down votes. He is a staunch ally of Trump, has a longstanding reputation as a conservative agitator and helped found the hardline House Freedom Caucus. As the chairman of the powerful House Judiciary Committee, he has also been a key figure in House GOP-led investigations.

    It took former Speaker Kevin McCarthy 15 rounds of voting in January to secure the gavel. But Jordan faces an uphill climb amid the deep divisions within the House GOP conference and the resistance he faces.

    As the speaker battle drags on, tensions and frustration have risen among House Republicans. Some of the lawmakers who have voted against Jordan in the speaker’s race have railed against what they have described as a pressure campaign against them.

    Rep. Steve Womack of Arkansas derided what he called the “attack, attack, attack” tactics of Jordan allies against his Republican opponents.

    “Frankly, just based on what I’ve been through – I can only speak to myself and what my staff has been through over the last 24 or 48 hours – it is obvious what the strategy has been: Attack, attack, attack. Attack the members who don’t agree with you, attack them, beat them into submission,” he said.

    GOP Rep. Don Bacon’s wife received anonymous text messages warning her husband to back Jordan. Bacon has been a vocal holdout against Jordan and was one of the 20 Republican members that did not back Jordan on the floor in Tuesday’s vote.

    “Your husband will not hold any political office ever again. What a disappointment and failure he is,” read one of the messages sent to Bacon’s wife and obtained by CNN through Bacon.

    Bacon’s wife responded to that text saying, “he has more courage than you. You won’t put your name to your statements.”

    GOP lawmaker voted for a congressman he didn’t want to be Speaker. Hear why

    Republican Rep. Mariannette Miller-Meeks of Iowa said in a statement that she has “received credible death threats and a barrage of threatening calls” after flipping her speaker vote Wednesday, instead casting a ballot for House Appropriations Chairwoman Kay Granger.

    Russell Dye, a spokesman for Jordan, condemned the threats against Miller-Meeks, saying: “This is abhorrent and has no place in civil discourse. No one should receive threats and it needs to stop. We have condemned these actions repeatedly. It is important that Republicans stop attacking each other and come together.”

    And Jordan wrote on X that “no American should accost another for their beliefs.”

    “We condemn all threats against our colleagues and it is imperative that we come together. Stop. It’s abhorrent,” he added.

    Opponents to the congressman’s bid so far have included centrist Republicans concerned that the face of the House GOP would be a conservative hardliner as well as lawmakers still furious at the small group of Republicans who forced out McCarthy and then opposed House Majority Leader Steve Scalise’s bid for the gavel.

    Scalise initially defeated Jordan inside the GOP conference to become the speaker nominee, but later dropped out of the race amid opposition to his candidacy.

    This story and headline have been updated with additional developments.

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  • ‘For religious reasons, I cannot invest to earn interest’: I’m 53 and expect to earn $90,000 a year. Is it too late to start investing?

    ‘For religious reasons, I cannot invest to earn interest’: I’m 53 and expect to earn $90,000 a year. Is it too late to start investing?

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    I recently graduated with my master’s degree and am seeking full-time employment at age 53. I want to know what is the best way to invest some of my earnings when I begin receiving a paycheck. I expect to have an annual salary of between $80,000 and $90,000. 

    For religious reasons, I cannot invest to earn interest, but business-related ventures such as stocks are acceptable. I am planning to set aside up to $1,000 per month for investment purposes, so that I can build some retirement funds. What are my options?

    First-Time Investor

    Read: My wife and I bought a beautiful lakeside home for $700,000. It’s now worth $1.2 million. Do we sell now to avoid capital gains?

    “You have already made the best investment you can make — one in yourself, your education and your future.”


    MarketWatch illustration

    Dear First-Time,

    Congratulations on your master’s degree. You have already made the best investment you can make — one in yourself, your education and your future. It takes patience, guts and stamina to go back to college in your 50s, and you should be very proud. You were one of about 505,000 students in college ages 50 and over, representing less than 4% of the student population.

    Given your faith, CDs and high-yield savings accounts are ruled out. A letter writer recently asked me where he should start looking to invest his $50,000 life savings, and I pointed him in the “make interest off your cash” direction, particularly given the recent rise in interest rates. That won’t work for you, but the good news is that you do have many options.

    There are investment vehicles for you. In fact, the Accounting and Auditing Organization for Islamic Financial Institutions sets guidelines for investing in accordance with the Sharia religious code, including rules around companies that derive a percentage of their profits from tobacco and alcohol products. And, yes, it also regards interest as unjust and exploitative.

    Saturna Capital has mutual funds that follow Islamic principles. The Amana Income Fund AMANX, which focuses on current income and the preservation of capital, has had an average annual five-year return of 8.8% for investor shares, slightly lower than the 9.9% average return for the S&P 500
    SPX
    over the same period with dividends reinvested. I suggest this as a guidepost rather than a recommendation.

    Similarly, the Knights of Columbus assets are managed by Knights of Columbus Asset Advisors in accordance with Catholic moral principles, which are distilled to six main tenets: “protecting human life, promoting human dignity, reducing arms production, pursuing economic justice, protecting the environment [and] encouraging corporate responsibility.”

    Related: How do I know if my ESG investments are doing any good?

    Of course, investing along religious principles — similar to ESG investment, which takes environmental, social, and corporate-governance factors into account when deciding what to do with your money — is fraught with complications, contradictions and problems with transparency. Regulators are cracking down on vehicles that “greenwash” their ESG credentials. 

    A major report by the Organization for Economic Cooperation and Development, an intergovernmental organization with 38 member nations, found that ESG ratings vary strongly depending on the provider, as they commonly use different measures, indicators, metrics, data and qualitative judgments to make decisions about funds and companies. 

    “Moreover, returns have shown mixed results over the past decade, raising questions as to the true extent to which ESG drives performance,” the OECD said. “This lack of comparability of ESG metrics, ratings, and investing approaches makes it difficult for investors to draw the line between managing material ESG risks within their investment mandates.”

    You have many funds to choose from. If you’re Catholic, you could look into the Global X S&P 500 Catholic Values ETF
    CATH
    ; the LKCM Aquinas Catholic Equity Fund AQEIX; or Ave Maria, which offers mutual funds for growth AVEGX, value AVEMX and bonds AVEFX AVEFX. You can read more here. Investing based on religious, moral or ethical principles doesn’t guarantee a satisfactory return.

    Don’t miss: Is it ethical to distribute cash from my pre-marital investment accounts to my kids — without telling my second wife?

    It’s not too late to start investing at 53. With the advice of a financial adviser, your risk profile may need regular adjusting, based on your age and tolerance. But you may work into your 70s and may live into your 80s or 90s, and you will want to find myriad ways to build your wealth throughout your retirement. Cash-hoarding typically gets outdone by inflation. 

    You may find a job with a 401(k) and an employer match, meaning your employer will contribute an additional sum toward your retirement based on the amount you are contributing every month. You may also consider an IRA. Both account types have “catch-up” contributions for people who are over 50. Annual IRA contribution limits for 2023 are $6,500 for people under 50, but $7,500 for those 50 and older.

    You can also use pretax dollars for health savings accounts, which are used to offset the burden of high-deductible healthcare plans. With the latter, you pay a lower premium, but you will be saddled with higher out-of-pocket expenses for medical services should you require them. You can contribute up to $4,150 to an HSA for 2024, up from $3,850 this year.

    As for right now? Pay off your credit cards. Don’t let high-interest debt trap you. Warren Buffett said one of the best investments he ever made was buying his Omaha, Neb., home for $31,500 in 1958. It’s worth $1.4 million today. He has said he may have put that money to better use if he had rented instead, but owning your own home will solidify your financial position in retirement.

    Investing $1,000 a month may be ambitious. But thinking in the medium to long term — and knowing this is a marathon rather than a sprint, even at 53 — is half the battle. With compounding, or making money off your principal and the increase in value of your initial investment, you could have more than $120,000 in 10 years, and over $600,000 in 30 years.

    Bravo on this new chapter. Take it one day, one week and one month at a time, and enjoy your life.

    You can email The Moneyist with any financial and ethical questions at qfottrell@marketwatch.com, and follow Quentin Fottrell on X, the platform formerly known as Twitter.

    Check out the Moneyist private Facebook group, where we look for answers to life’s thorniest money issues. Post your questions, tell me what you want to know more about, or weigh in on the latest Moneyist columns.

    The Moneyist regrets he cannot reply to questions individually.

    Previous columns by Quentin Fottrell:

    ‘I’m tired of feeling like I am in hell’: My boss tears into me almost daily. He says I’m worthless. What can I do?

    ‘I do not trust many people due to unfortunate life experiences’: I’m leaving all my estate to charity. Should I make a will or a trust?

    I earn $210,000 and I’m 59. My wife and I want to move to Hawaii. Is it too late to get a mortgage?

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  • ‘Banks fail. It’s OK,’ says former FDIC chair Sheila Bair.

    ‘Banks fail. It’s OK,’ says former FDIC chair Sheila Bair.

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    Higher interest rates may be painful in the short term, but banks, savers and the financial ecosystem will be better off in the long run, said Sheila Bair, former chair of the Federal Deposit Insurance Corp.

    “When money is free, you squander it,” Bair said in an interview with MarketWatch. “It’s like anything. If it doesn’t cost you anything, you’re going to value it less. And we’ve had free money for quite some time now.”

    Bair, who led the FDIC from 2006 to 2011, caused a stir recently in criticizing “moonshots,” the crypto industry and “useless innovations” like Bored Ape NFTs, which proliferated because of speculation and near-zero interest rates.

    Her main message has been that the path to higher rates, while potentially “tricky,” ultimately will lead to a more stable financial system, where “truly promising innovations will attract capital” and where savers can actually save.

    Former FDIC Chair Sheila Bair was dubbed “the little guy’s protector in chief” by Time Magazine in the wake of the subprime mortgage crisis.

    Bair sat down for an interview with Barron’s Live, MarketWatch edition, to talk about the ripple effects of higher rates, what could trigger another financial crisis and why more regional banks sitting on unrealized losses could fail in the wake of Silicon Valley Bank’s collapse in March.

    “We probably will have more bank failures,” Bair said. “But you know what? Banks fail. It’s OK. The system goes on. It’s important for people to understand that households stay below the insured deposit caps.”

    The FDIC insures bank deposits up to $250,000 per account. It also has overseen 565 bank failures since 2001.

    “I know borrowing costs are going up, but your rewards for saving it are going up too,” she said. “I think that’s a very good thing.”

    However, Bair isn’t focused only on money traps and pitfalls for grown-ups. She also has two new picture books coming out that aim to explain big financial themes to young readers, including where easy-money ways, speculation and inflation come from.

    “One thing that I’ve learned from the kids is to not ask them what a loan is, because when I did that, a little hand when up, and she said: ‘That’s when you’re by yourself,’” Bair said.

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  • Family Dollar recalls dozens of P&G, J&J, Colgate products in 23 states due to incorrect temperature storage

    Family Dollar recalls dozens of P&G, J&J, Colgate products in 23 states due to incorrect temperature storage

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    Family Dollar voluntarily recalled dozens of over-the-counter drugs, products and medical devices sold at its stores because they had been stored at improper temperatures, according to the Food and Drug Administration late Tuesday.

    On the FDA’s website, the regulator said products affected by the recall were stored “outside of labeled temperature requirements by Family Dollar and inadvertently shipped to certain stores on or around June 1, 2023 through September 21, 2023.”

    Brands affected by the recall include Procter & Gamble’s
    PG,
    +0.99%

    Crest, Vicks and Pepto Bismol; Colgate
    CL,
    +0.26%

    ; Johnson & Johnson Inc.’s
    JNJ,
    -0.11%

    Tylenol and Listerine; and Bayer’s
    BAYN,
    +3.04%

    Aleve, according to a list provided by the FDA.

    The items were sold at stores in Alabama, Arkansas, Arizona, California, Colorado, Florida, Georgia, Idaho, Kansas, Louisiana, Mississippi, Montana, North Dakota, Nebraska, New Mexico, Nevada, Oklahoma, Oregon, South Dakota, Texas, Utah, Washington and Wyoming, between June 1 and Oct. 4, the FDA said.

    Family Dollar was acquired by Dollar Tree Inc.
    DLTR,
    +3.26%

    in a deal that closed in July 2015.

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  • Clorox slashes forecast due to effects of cyberattack; stock falls

    Clorox slashes forecast due to effects of cyberattack; stock falls

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    Clorox Co. shares fell in the extended session Wednesday after the company slashed its outlook stemming from the impact of a cybersecurity attack over the summer.

    Clorox
    CLX,
    +1.21%

    shares fell about 3% after hours, following a 1.2% gain to close the regular session at $131.83. At Wednesday’s close, Clorox shares were down 6.1% for the year, while the S&P 500 index
    SPX
    has gained 11.1%.

    The company forecast a loss of 75 cents to 35 cents a share, or a loss of 40 cents to break-even per share on an adjusted basis, for the quarter ending Sept. 30.

    Also see: A stranger in your hotel room? Kitty-litter shortages? Online attacks are causing real-world effects.

    Clorox said sales are expected to decrease by 28% to 23% from the year-ago first quarter of $1.74 billion, or in a range between $1.25 billion and $1.34 billion.

    Analysts surveyed by FactSet had forecast first-quarter earnings of $1.29 a share on revenue of $1.77 billion.

    In a statement late Wednesday, Clorox said the reduced outlook was “due to the impacts of the recent cybersecurity attack that was disclosed in August, which caused wide-scale disruption of Clorox’s operations, including order-processing delays and significant product outages.”

    The company said shipment and consumption trends prior to the cyberattack factored in its prior forecast.

    In early August, Clorox forecast sales in 2024 would be flat to 2% higher than 2023’s $7.39 billion, and adjusted earnings between $5.60 and $5.90 for the year, while analysts had expected $5.62 a share on revenue of $7.4 billion at the time.

    Analysts currently forecast, on average, adjusted earnings of $5.78 a share on revenue of $7.5 billion.

    Based on the company’s current assessment, Clorox said it expects “to experience ongoing, but lessening, operational impacts in the second quarter as it makes progress in returning to normalized operations,” and restocking retailers.

    Analysts also forecast second-quarter earnings of $1.18 a share on revenue of $1.77 billion.

    Clorox said it was “in the process of assessing the impact of the cybersecurity attack on fiscal-year 2024 and beyond,” and said it would provide an update during its first-quarter earnings call scheduled in November.

    Back in mid-September, Clorox said the cyberattack would weigh on its results, and by the end of the month shares were on their longest losing streak since 2009.

    Clorox shares have fallen nearly 18% since the company first disclosed the attack in a filing with the Securities and Exchange Commission on Aug. 14.

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  • S&P 500 scores best day in 3 weeks as bond yields ease back

    S&P 500 scores best day in 3 weeks as bond yields ease back

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    U.S. stocks finished higher on Wednesday as yields on long government bonds retreated from 16-year highs, helping lift the S&P 500 to its best day in three weeks. The Dow Jones Industrial Index
    SPX,
    +0.81%

    gained about 125 points, or 0.4%, ending near 33,128, according to preliminary FactSet data. The boost, however, failed to push the blue-chip index back into the green for the year, a day after its gains for 2023 were erased. The S&P 500 index
    SPX,
    +0.81%

    rose 0.8%, marking its biggest daily climb since September 14, according to FactSet data. The Nasdaq Composite Index
    COMP,
    +1.35%

    shot up 1.4%. U.S. bond yields have surged since late September when the Federal Reserve indicated that rates likely will stay higher for longer than initially anticipated as it works to keep inflation in check. The sharp bond-market repricing has made buyers reluctant to step in, sending yields higher and creating ripples in financial markets. The 10-year Treasury
    TMUBMUSD10Y,
    4.739%

    fell 6.6 basis points Wednesday to 4.735%, while the 30-year Treasury yield
    TMUBMUSD30Y,
    4.868%

    shed 6 basis points to 4.876%, after briefly topping 5% late Tuesday. Investors remain focused on political upheaval in Washington and the prospect of a November government shutdown. Friday also brings the monthly jobs report for September, which is expected to show a cooling labor market, but still a low 3.7% unemployment rate.

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  • PlayStation head Jim Ryan is stepping down | CNN Business

    PlayStation head Jim Ryan is stepping down | CNN Business

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    New York
    CNN
     — 

    PlayStation boss Jim Ryan is stepping down from the company, Sony announced Wednesday.

    The Sony Interactive Entertainment President and CEO will be retiring in March 2024 after 30 years in the PlayStation business.

    Sony Group Corporation president, COO and CFO Hiroki Totoki will assume the role of SIE chairman next month to “support” the transition, and will take over as interim CEO once Ryan retires.

    Ryan joined SIE in 1994 and was appointed CEO in 2019. He had previously held senior positions at the company including president of SIE Europe, head of global sales and marketing at SIE and deputy president of SIE.

    Ryan led the launch of the PlayStation 5, which the company said is PlayStation’s most successful platform.

    “I’ve found it increasingly difficult to reconcile living in Europe and working in North America,” Ryan said in a statement. “I will leave having been privileged to work on products that have touched millions of lives across the world.”

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  • Here’s how the Republican presidential candidates say they’ll whip inflation

    Here’s how the Republican presidential candidates say they’ll whip inflation

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    Inflation remains a top concern among Americans, so what do the Republicans seeking President Joe Biden’s job say they’ll do about it?

    MarketWatch asked the 2024 GOP White House hopefuls to give at least three ways that they would address the elevated prices that have blown up many household budgets.

    Most campaigns provided responses, while some didn’t but have offered proposals in other venues. See what they’re all planning below.

    The economy is the No. 1 issue for Republican voters, according to a recent Wall Street Journal poll, which found 36% citing the economy generally and an additional 10% citing inflation.

    MarketWatch contacted the eight contenders who took part in their primary’s first debate, along with former President Donald Trump, who skipped the debate, and two relatively well-known contenders who failed to qualify for the first debate, Larry Elder and former Congressman Will Hurd. They are listed below in order of their ranking in the latest polls, based on a RealClearPolitics moving average.

    Inflation was low when Trump became president, with prices rising less than 2% a year. That was even considered a problem before the COVID-19 pandemic, with inflation often characterized as stubbornly or persistently low. Inflation began to spike in 2021, shortly after Biden took office, due to a global shortage of goods and a huge rebound in consumer demand following the pandemic’s early stages. Economists say massive stimulus by both the Trump and Biden administrations as well as low interest rates fostered by the Federal Reserve helped to push inflation to a 40-year high.

    Biden has stressed that inflation, as measured by the consumer-price index, has “fallen by around two-thirds,” and he and his team have talked up their efforts to lower costs for prescription drugs and insulin, to crack down on junk fees for a range of services, and to use the Strategic Petroleum Reserve to lower gasoline prices. Biden’s re-election campaign didn’t respond to MarketWatch’s request for comment.

    Donald Trump

    “I would get inflation down,” Trump said in a recent interview with NBC’s “Meet the Press,” while saying that “we did a great job with inflation.” His campaign pointed MarketWatch to a number of policy proposals in which Trump himself is quoted.

    Former President Donald Trump walks over to speak with reporters before departing from Atlanta’s airport last month.


    AP

    • The former president says he’ll rein in what he calls Biden’s “wasteful spending,” which Trump says is key to stopping inflation. Trump is proposing to use what’s known as impoundment authority to reduce federal spending. That term refers to the ability of a president to withhold congressionally appropriated funds from their intended use, according to the Committee for a Responsible Federal Budget.

    • Trump also calls for boosting energy output. “When I’m back in the White House, I will immediately unleash energy production, slash regulations, like I did just three years ago, and repeal Biden’s tax hikes to get inflation down as fast as possible, and it will go quickly, so that interest rates can get back under control,” Trump says on his campaign website. “I would get inflation down, because drill we must,” he told “Meet the Press.”

    • A Trump spokesman did not respond when asked for specifics about which Biden-approved tax increases Trump would repeal. The former president and his advisers, meanwhile, have reportedly discussed deeper cuts to both individual and corporate rates that would build on the 2017 Tax Cuts and Jobs Act.

    Ron DeSantis

    Florida Gov. Ron DeSantis, says a spokesman, “will reduce inflation by, among other measures, tackling government spending, unleashing domestic energy and removing burdensome Biden administration regulations.”

    Florida Gov. Ron DeSantis speaks in July during a press conference in West Columbia, S.C.


    AP Photo/Sean Rayford

    • In his economic plan, DeSantis leans heavily into energy policy for addressing inflation. “DeSantis will unleash our domestic energy sector, modernize and protect our grid and advance American energy independence. This will not only increase our economic and national security while reducing inflation, [but] it will also help fuel a manufacturing renaissance that will create jobs, revitalize our communities and improve our standard of living,” says his plan.

    • He told “CBS Evening News with Norah O’Donnell” that, as president, he would “stop spending so much money. We need a president that’s going to be a force for spending restraint, because that’s one of the root causes, with Congress spending so much.” He criticized both Democrats and Republicans for government spending.

    Vivek Ramaswamy

    Republican presidential candidate Vivek Ramaswamy speaks in April at an event in Iowa.


    AP

    “This isn’t complicated,” entrepreneur and author Vivek Ramaswamy said in a recent post on X. “Fight inflation, unleash growth by taking the handcuffs [off] the U.S. energy sector & dismantling the regulatory state.” His campaign didn’t respond to MarketWatch’s request for comment, but his campaign website offers the following proposals:

    • “Drill, frack & burn coal : abandon the climate cult & unshackle nuclear energy.”

    • “Launch deregulatory ‘Reagan 2.0’ revolution: cut > 75% headcount amongst U.S. regulators.”

    • Ramaswamy is also calling for dramatically changing the Federal Reserve, by ending the central bank’s dual mandate of keeping inflation low and maintaining full employment. “Limit the U.S. Fed’s scope: stabilize the dollar
      DXY
      & nothing more,” his campaign site says.

    Nikki Haley

    A spokesman for Nikki Haley’s campaign pointed to a Fox Business interview on Wednesday in which she called for ending the federal gas tax and cutting spending, as well as to her speech Friday in New Hampshire on her economic plan.

    Republican presidential candidate Nikki Haley is a former U.S. ambassador to the United Nations and former South Carolina governor.


    Getty Images

    • “We want to eliminate the federal gas tax completely,” Haley told Fox Business. “We have to get more money in our taxpayers’ pockets.” That tax helps pay for highways, but she said the system isn’t working, echoing a point that some policy analysts have previously made. Biden pushed for temporarily suspending the federal gas tax in 2022, but Congress didn’t provide sufficient support for his proposal. In her economic speech, Haley also promised to cut income taxes for working families and make permanent the tax cuts that small businesses scored in 2017’s GOP tax overhaul.

    • The former U.S. ambassador to the United Nations said members of Congress are “spending like drunken sailors,” as she promised to reduce the federal government’s outlays. “I will veto any spending bill that doesn’t take us back to pre-COVID levels,” she told Fox Business, referring to budgets that date to before the onset of the coronavirus pandemic in March 2020.

    • Haley in her speech Friday pledged to support the U.S. energy industry, as she suggested that Washington has been “stifling it.” She said: “We’ll drill so much oil and gas, families will save big on their utility bills.”

    Mike Pence

    A spokesman for Pence’s campaign pointed to the former vice president’s plan for “ending inflation,” which calls for actions such as reducing the federal government’s spending and changing the Federal Reserve’s job description.

    Former Vice President Mike Pence served as governor of Indiana and as a congressman before becoming Donald Trump’s running mate in 2016.


    AP

    • A Pence administration would “end runaway deficits by freezing non-defense spending, eliminating unnecessary government programs, repealing over $3 trillion in new spending under Biden, and reforming mandatory programs that drive our debt,” the plan says. Earlier this year, he urged “commonsense and compassionate” reforms for programs such as Social Security and Medicaid.

    • Pence wants to end the Fed’s dual mandate, which calls for the U.S. central bank to focus on full employment and stable prices. “Trying to serve two, often contradictory goals has led to wild fluctuation in rates,” his plan says, adding that it’s better to “leave employment policy to the president and Congress.”

    • The former vice president’s plan said he aims to bring supply chains and production “back home,” and that would happen by “removing regulatory burdens, enacting pro-growth tax policies, and ensuring access to abundant American energy.” In other words: “We will fight inflation by making America the best place to do business again.”

    • Similar to his 2024 GOP rivals, Pence blasts Biden’s energy policies, though some of the Democratic incumbent’s stances, such as his approval of the Willow drilling project in Alaska, have also been criticized by environmental groups. Pence’s plan says: “It is time to reverse Biden’s attack on American energy by restarting oil and gas leasing on federal lands, opening the Arctic and offshore regions for exploration
      XOP,
      approving safe transportation of oil and gas, mining rare earth minerals, and rejecting climate change hysteria that is causing U.S. energy
      XLE
      production to fall.”

    Chris Christie

    Former New Jersey Gov. Chris Christie addresses a New Hampshire audience in April.


    AP Photo/Charles Krupa

    Chris Christie’s White House campaign didn’t respond to MarketWatch’s requests for comment, but the former New Jersey governor has emphasized that reducing government spending will help tame inflation.

    “The out-of-control government spending has created this inflation,” Christie said in June during a CNN town hall. “I mean, even Larry Summers, who I don’t agree with much on, former Democratic Treasury secretary, warned Joe Biden, ‘Don’t do this spending. It’s going to cause the inflation.’ So, first, we need to bring spending down, and we’ve talked about that before.”

    Related: Larry Summers has a new inflation warning

    Tim Scott

    U.S. Sen. Tim Scott pointed to reducing the federal government’s spending and repealing one of Biden’s signature legislative packages, when asked about how he would address inflation.

    Tim Scott, a U.S. senator from South Carolina, speaks last month during the presidential debate in Milwaukee.


    Getty Images

    • Scott, from South Carolina, said in a statement that he would aim to “snap non-defense discretionary spending back to the pre-COVID 2019 baseline.” He described that as stopping Democrats from “turning the temporary pandemic into permanent socialism.”

    • Scott said he would rescind the Inflation Reduction Act, which is Democrats’ big economic package aimed at addressing climate change, capping drug costs and raising hundreds of billions of dollars through taxes on corporations. “The Inflation Reduction Act actually increased inflation and the only thing it reduced was money in our pockets,” he said in his statement. “Cutting that off and restoring tax cuts and eliminating the tax increases would go a long way to having the kind of stimulative impact in our economy and controlling spending.”

    • Scott called for stronger economic growth. “We have to also grow our economy somewhere near 5% consistently,” he said, adding that could create 10 million jobs. The U.S. economy grew by nearly 6% in 2021 after contracting in 2020 as COVID hit, then it expanded by about 2% in 2022.

    Related: Republican presidential candidate Tim Scott says he wants to put the focus on tax cuts

    Asa Hutchinson

    Former Arkansas Gov. Asa Hutchinson blames “excessive federal spending” for leading to inflation when giving speeches, and outlines a plan for “fiscal responsibility” on his campaign site.

    Asa Hutchinson, governor of Arkansas from 2015 until this year, speaks at an Iowa event in April.


    Scott Olson/Getty Images

    • “Restore discipline by reducing federal government size, cutting spending, balancing the budget, and lowering the deficit to tame inflation,” it states.

    • When Hutchinson was governor, he signed a $500 million tax-cut package, saying “it could not come at a better time with the continued challenge of high food and gas prices.” That was in August 2022. On his campaign website, he repeats a call to cut taxes and “reduce regulations to boost the private sector and enhance wages for American workers.”

    Hutchinson’s campaign did not respond to a request for comment from MarketWatch.  

    Doug Burgum

    North Dakota Gov. Doug Burgum, a GOP presidential hopeful, speaks at the Iowa State Fair in August.


    Brandon Bell/Getty Images

    North Dakota Gov. Doug Burgum’s website says that as president he would “get inflation under control, cut taxes, lower gas prices
    RB00,
    +0.31%
    ,
    reduce the cost of living and help people realize their fullest potential.” It doesn’t provide specifics.

    A spokesman for Burgum’s White House campaign didn’t respond to MarketWatch’s requests for comment. A spokesman reportedly told the New York Times that the campaign will roll out its vision and plans on its own timeline.

    Larry Elder

    Larry Elder, a conservative radio host and a gubernatorial candidate in California in the failed 2021 recall of Democratic incumbent Gavin Newsom, said he views energy and tax policy and a constitutional amendment as ways to whip inflation.

    Larry Elder is a conservative radio host and former gubernatorial candidate in California.


    AP

    • “Reverse the war on oil
      CL00,
      +0.93%

      and gas
      NG00,
      -2.65%

      ; permit drilling in Anwar [Arctic National Wildlife Refuge]; authorize the Keystone Pipeline; reverse the Biden restrictions on drilling on federal lands; and encourage nuclear energy
      NLR,
      ” Elder said in a statement.

    • “Encourage an amendment to the Constitution to set spending to a fixed percent of the GDP,” he also said.

    • Elder said the reduction in spending forced by that constitutional amendment would “coincide with a steep reduction in personal and corporate income taxes,” offering further help to Americans with stretched budgets.

    Will Hurd

    2024 Republican presidential hopeful Will Hurd, a former Texas congressman, speaks in Iowa in July.


    AFP via Getty Images

    Former U.S. Rep. Will Hurd of Texas announced his candidacy in June but so far hasn’t made it to the debate stage. In his campaign-launch video, he labeled inflation “still out of control.”

    • In a post on X in June, Hurd called for reining in spending. “You cannot be putting government funds into, at a time where you’re seeing the rising inflation,” he said.

    • And he said tax hikes are a nonstarter when inflation is high. “The worst time to talk about increasing taxes is when everybody’s hurting from inflation.”

    • Hurd also said the deficit should be addressed, to “start bending the curve back on the debt.”

    Hurd’s campaign did not respond to a request for comment from MarketWatch.

    Now read: Republican presidential debate: Candidates could win with a clear economic message about the ‘crisis among working people’

    And see: As Biden joins UAW picket line, poll shows Democrats’ edge over GOP on ‘caring about people like me’ has vanished

    Jeffry Bartash contributed.

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  • A stranger in your hotel room? Kitty-litter shortages? Online attacks are causing real-world effects.

    A stranger in your hotel room? Kitty-litter shortages? Online attacks are causing real-world effects.

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    It was past midnight when Alessandra Millican and a friend entered the Bellagio hotel room that was costing them hundreds of dollars a night, but unexpected noises made them stop cold.

    “We started hearing grunts,” she said. “It’s somebody waking up — we were halfway through the room and we realized there’s somebody sleeping in here.”

    Millican…

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  • Starbucks bets on China with $220 million roasting and distribution center | CNN Business

    Starbucks bets on China with $220 million roasting and distribution center | CNN Business

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    Editor’s Note: Sign up for CNN’s Meanwhile in China newsletter which explores what you need to know about the country’s rise and how it impacts the world.


    Hong Kong
    CNN
     — 

    Starbucks says it has poured more than $200 million into a new campus in China, in a sign of how the Chinese consumer remains crucial to the global coffee chain despite a major economic slowdown.

    The beverage giant opened the massive facility in eastern China on Tuesday that will serve as its main production and distribution center nationwide, supplying fresh coffee to thousands of Chinese stores, it said in a statement. The site is home to a large coffee roasting facility and an area that lets visitors see how drinks are made.

    Starbucks (SBUX) says it has committed a whopping 1.5 billion yuan or about $220 million to the project, the largest investment it has ever made for a coffee manufacturing and distribution center outside the United States.

    That’s nearly 50% more than the $150 million it had previously allocated in 2020, which was already higher than the $130 million announced earlier that year.

    Asked why the amount was raised twice, a company spokesperson told CNN that “additional capital investments were made to further elevate the advanced technologies and equipment used.”

    The opening of the 80,000 square-foot (7,400 square-meter) “innovation park,” located in the city of Kunshan, about an hour from Shanghai, comes after a year-long delay.

    Starbucks had previously said the facility would be “operational in summer 2022,” though the timeline was given in November 2020, as China grappled with disruptive pandemic-related restrictions. The company did not immediately respond to a request for comment Tuesday on reasons for the delay.

    China has long been one of the most important growth drivers for Starbucks, serving as its second-biggest market worldwide and top overseas market.

    But CEO Laxman Narasimhan says the company is “still in our early days in China,” noting that coffee consumption in the historically tea-drinking nation remains relatively low.

    On an earnings call last month, he pointed to how revenue in China had rebounded earlier this year after the company’s sales in the country were dented by Covid-19 restrictions, which were lifted late last year.

    China’s economic growth is set to slow this year as it continues to reel from the effects of a crisis-hit property sector and choppy consumer confidence. But new data on Friday suggested the downturn was stabilizing.

    “As one of the largest consumer markets in the world, China presents tremendous opportunities for Starbucks,” Narasimhan said in the statement.

    He said the new space would improve its supply chain and sustainability goals, particularly as the facility is set to become the company’s most energy-efficient coffee manufacturing plant in the world.

    “I couldn’t be prouder of the China team’s visionary thinking,” Narasimhan added. “As Starbucks’ largest and fastest-growing international market, we will continue to deepen our investment and reinforce our unwavering long-term commitment to the China market.”

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  • Why Taylor Swift wants you to watch the Eras concert film in theaters instead of on your couch | CNN Business

    Why Taylor Swift wants you to watch the Eras concert film in theaters instead of on your couch | CNN Business

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    New York
    CNN
     — 

    Taylor Swift’s fans know the greatest films of all time were never made, but that could be called into question come October 13, when her Eras Tour concert movie is set for release in North America.

    The bigger question might be: Why did Swift decide to release her highly anticipated film in theaters over a streaming service?

    Already, the film has reached notable milestones. It has broken records for single-day advance ticket sales revenue with $26 million of tickets sold on August 31, according to AMC Theaters, blowing past previous record-holder “Spider-Man: No Way Home.”

    But Swift’s latest film is a pivot from recent years, when she released her concert films and documentaries on streaming services. Experts say that choosing movie theaters for the Eras Tour film’s debut over the small screen is a move fitting of both Swift’s business acumen and relationship with her fans.

    Swift’s previous documentaries, “Miss Americana” and “Taylor Swift Reputation Stadium Tour” are on Netflix, while “Folklore: The Long Pond Studio Sessions” is available on Disney+. “Taylor Swift: Journey to Fearless” aired on The Hub, since re-branded as Discovery Family. “The 1989 World Tour Live” was released on Apple Music. Warner Bros. Discovery, CNN’s parent company, also owns the Discovery network.

    Unlike her previous concerts, the Eras Tour has become a cultural phenomenon. Many fans dress up in themed outfits to represent each of Swift’s “eras” or inside jokes among fans, donning everything from sparkly dresses to cowboy boots to cat costumes. Some make hundreds of friendship bracelets to trade during shows, and memorize lyrics and fan chants for her roughly three-hour performance.

    At a movie theater, Swifties can partake in those rituals with other fans, which wouldn’t be the case for an at-home viewing on the couch. The theater’s ability to recreate the concert experience is likely a key reason why Swift decided to choose the big screen for her film, said Jonathan Kuuskoski, chair of the entrepreneurship and leadership department at the University of Michigan School of Music, Theatre and Dance.

    “The movie basically functions as an overflow room for the concert tour,” said Kuuskoski.

    Swift seemed to encourage the theater as a make-shift concert venue, posting on social media: “Eras attire, friendship bracelets, singing and dancing encouraged,” adding “1, 2, 3, LGB!” the acronym to a concert fan chant.

    Demand for Swift’s concerts has been astronomical, crashing Ticketmaster’s website last November and prompting US lawmakers to investigate whether the company has a monopoly on ticket sales. Ticketmaster was hit with more glitches in July when fans tried to purchase tickets for her shows in France.

    While her concerts are in no short supply of attendees, a theater release opens the door to Swifties who couldn’t afford concert tickets, as well as potential new fans willing to pay for a movie ticket without committing to a concert, said Ralph Jaccodine, an assistant professor at Berklee College of Music and former concert promoter who has worked with Bruce Springsteen, Kiss and others.

    Adult tickets for the film are set at $19.89, a nod to Swift’s album “1989,” whose re-recording is set for release two weeks after the “Eras Tour” theatrical debut. Swift’s favorite number is 13, and tickets for children and seniors are aptly set at $13.13.

    Releasing the film in theaters is also a more financially lucrative decision than providing it to a streaming service, said Kuuskoski. For example, while moviegoers have to purchase a ticket each time they view a film, that’s not the case for streaming. Swift could also sell the film to a streaming service after it runs its course on the big screen.

    Releasing the film in theaters before the tour is over seemingly runs the risk of potentially cannibalizing ticket sales for the actual concert. but the timing actually helps keep the momentum surrounding her tour going, says Jaccodine. Swift’s global tour ends in late 2024.

    “I don’t think she could get any less publicity than what’s going on now,” he said.

    Others seemed to have their own reasons for concern about the Eras Tour film release’s timing. The “Exorcist: Believer,” originally scheduled to be released on the same day as Swift’s film, moved it up a week.

    “Look what you made me do. The Exorcist: Believer moves to 10/6/23 #TaylorWins,” the producer of the upcoming horror film posted on “X,” formerly Twitter, just hours after Swift announced her film.

    The summer has already ushered in a film renaissance, as blockbusters “Barbie” and “Oppenheimer” raked in a combined $511 million in global box office sales over their opening weekend and rekindled hopes that consumers are returning to movie theaters after the pandemic forced them to shutter their doors. “Barbie” is distributed by Warner Bros. Discovery, which owns CNN.

    The Eras Tour’s film will likely extend the strong run of movie ticket sales set by the “Barbenheimer” phenomenon, especially as theaters ramp up their own efforts to lure in moviegoers, said Michael O’Leary, chief executive of the National Association of Theater Owners.

    AMC is selling collectible popcorn tubs and fountain drink cups in theaters starting the day of the film’s release, and offering free posters along with ticket purchases while supplies last.

    “I don’t think this is something which is going to be a two- or three-week phenomenon,” O’Leary said. “You’re going to have people going multiple times.”

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  • Climate change has ravaged India’s rice stock. Now its export ban could deepen a global food crisis | CNN Business

    Climate change has ravaged India’s rice stock. Now its export ban could deepen a global food crisis | CNN Business

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    Harayana, India
    CNN
     — 

    Satish Kumar sits in front of his submerged rice paddy in India’s Haryana state, looking despairingly at his ruined crops.

    “I’ve suffered a tremendous loss,” said the third generation farmer, who relies solely on growing the grain to feed his young family. “I will not be able to grow anything until November.”

    The newly planted saplings have been underwater since July after torrential rain battered northern India, with landslides and flash floods sweeping through the region.

    Kumar said he has not seen floods of this scale in years and has been forced to take loans to replant his fields all over again. But that isn’t the only problem he’s facing.

    Last month, India, which is the world’s largest exporter of rice, announced a ban on exporting non-basmati white rice in a bid to calm rising prices at home and ensure food security. India then followed with more restrictions on its rice exports, including a 20% duty on exports of parboiled rice.

    The move has triggered fears of global food inflation, hurt the livelihoods of some farmers and prompted several rice-dependent countries to seek urgent exemptions from the ban.

    More than three billion people worldwide rely on rice as a staple food and India contributed to about 40% of global rice exports.

    Economists say the ban is just the latest move to disrupt global food supplies, which has suffered from Russia’s invasion of Ukraine as well as weather events such as El Niño.

    They warn the Indian government’s decision could have significant market reverberations with the poor in Global South nations in particular bearing the brunt.

    And farmers like Kumar say market price rises caused by poor harvests doesn’t result in a windfall for them either.

    “The ban is going to have an adverse effect on all of us. We won’t get a higher rate if rice isn’t exported,” Kumar said. “The floods were a death blow to us farmers. This ban will finish us.”

    Satish Kumar with whatever is left of his rice crops.

    The abrupt announcement of the export ban triggered panic buying in the United States, following which the price of rice soared to a near 12-year high, according to the United Nations Food and Agriculture Organization.

    It does not apply to basmati rice, which is India’s best-known and highest quality variety. Non-basmati white rice however, accounts for about 25% of exports.

    India wasn’t the first country to ban food exports to ensure enough supply for domestic consumption. But its move, coming just one week after Russia pulled out of the Black Sea grain deal — a crucial pact that allowed the export of grain from Ukraine — contributed to global concerns about the availability of grain staples and whether millions would go hungry.

    “The main thing here is that it is not just one thing,” Arif Husain, chief economist at the United Nations World Food Programme (WFP) told CNN. “[Rice, wheat and corn crops] make up bulk of the food which poor people around the world consume.”

    Workers in India sift through rice grains in capital New Delhi.

    Nepal has seen rice prices surge since India announced the ban, according to local media reports, and rice prices in Vietnam are the highest they have been in more than a decade, according to customs data.

    Thailand, the world’s second largest rice exporter after India, has also seen domestic rice prices jump significantly in recent weeks, according to data from the Thai Rice Exporters Association.

    Countries including Singapore, Indonesia and the Philippines, have appealed to New Delhi to resume rice exports to their nations, according to local Indian media reports. CNN has reached out to India’s Ministry of Agriculture but has not received a response.

    The International Monetary Fund (IMF) has encouraged India to remove the restrictions, with the organization’s chief economist, Pierre-Olivier Gourinchas, telling reporters last month that it was “likely to exacerbate” the uncertainty of food inflation.

    “We would encourage the removal of these types of export restrictions because they can be harmful globally,” he said.

    Now, there are fears that the ban has the world market bracing for similar actions by rival suppliers, economists warn.

    “The export ban is happening at a time when countries are struggling with high debt, food inflation, and declining depreciating currencies,” Husain from the WFP said. “It’s troubling for everyone.”

    Indian farmers account for nearly half of the country’s workforce, according to government data, with rice paddy mainly cultivated in central, southern, and some northern states.

    Summer crop planting typically starts in June, when monsoon rains are expected to begin, as irrigation is crucial to grow a healthy yield. The summer season accounts for more than 80% of India’s total rice output, according to Reuters.

    This year, however, the late monsoon arrival led to a large water deficit up until mid-June. And when the rains finally arrived, it drenched swathes of the country, unleashing floods that caused significant damage to crops.

    The heavy floods have affected the country's farmers.

    Surjit Singh, 53, a third generation farmer from Harayana said they “lost everything” after the rains.

    “My rice crops have been ruined,” he said. “The water submerged about 8-10 inches of my crops. What I planted (in early June) is gone… I will see a loss of about 30%.”

    The World Meteorological Organization last month warned that governments must prepare for more extreme weather events and record temperatures, as it declared the onset of the warming phenomenon El Niño.

    El Niño is a natural climate pattern in the tropical Pacific Ocean that brings warmer-than-average sea-surface temperatures and has a major influence on weather across the globe, affecting billions of people.

    The impact has been felt by thousands of farmers in India, some of whom say they will now grow crops other than rice. And it doesn’t just stop there.

    India's rice stock is piling up as a result of the ban.

    At one of New Delhi’s largest rice trading hubs, there are fears among traders that the export ban will cause catastrophic consequences.

    “The export ban has left traders with huge amounts of stock,” said rice trader Roopkaran Singh. “We now have to find new buyers in the domestic market.”

    But experts warn the effects will be felt far beyond India’s borders.

    “Poor countries, food importing countries, countries in West Africa, they are at the highest risk,” said Husain from the WFP. “The ban is coming on the back of war and a global pandemic… We need to be extra careful when it comes to our staples, so that we don’t end up unnecessarily rising prices. Because those increases are not without consequences.”

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  • Consumer sentiment dips at end of August on more worries about the U.S. economy

    Consumer sentiment dips at end of August on more worries about the U.S. economy

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    The numbers: A survey of consumer sentiment hung close a two-year high in August, but Americans expressed more worries about the future of the economy.

    The final reading of the sentiment survey in August slipped to 69.5 from a preliminary 71.2, the University of Michigan said Friday. The index hit a 22-month high in July.

    The consumer-sentiment survey reveals how consumers feel about their own finances as well as the broader economy.

    Key details: A gauge that measures what consumers think about the current state of the economy registered 75.7 at the end of August vs. an initial 77.4

    A measure that asks about expectations for the next six months dropped to 65.5 from an initial 67.3 in early August and 68.3 in July.

    Americans think inflation will average 3.5% in the next year, a few ticks higher compared to several months ago.

    The official rate of inflation is 3.2%, using the consumer price index, though other measures suggest prices are rising somewhat faster.

    Big picture: Steady economic growth, ultra-low unemployment and slowing inflation have made Americans less worried about a recession.

    Yet interest rates are high and likely to remain so through next year as the Federal Reserve aims return the inflation genie to the bottle. Higher borrowing costs are all but certain to depress the economy and perhaps increase unemployment

    Looking ahead: “Consumers perceive that the rapid improvements in the economy from the past three months have moderated, particularly with inflation, and they are tentative about the outlook ahead,” said Joanne Hsu, director of the survey.

    Market reaction: The Dow Jones Industrial Average
    DJIA,
    +0.73%

    and S&P 500
    SPX,
    +0.67%

    rose in Friday trades.

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  • Nvidia may be the AI stock for now, but here are the picks for later, says Goldman Sachs

    Nvidia may be the AI stock for now, but here are the picks for later, says Goldman Sachs

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    Wall Street looks ready to build on Monday’s gains, the first in five sessions for the S&P 500
    SPX
    and Nasdaq Composite
    COMP.
    That’s as expectations build around Nvidia, which has had a lackluster August, to knock it out of the park with earnings on Wednesday.

    Investors have had months to focus on AI darlings such as Nvidia. In our call of the day, Goldman Sachs takes a look at stocks to trade after the big AI trade. A team led by strategists Ryan Hammond and David Kostin complied a basket of companies with the biggest potential long-term earnings per share boost from the impact of AI adoption on labor productivity.

    Their analysis indicates that following widespread AI adoption, EPS for the median stock in that basket could be 72% higher than the baseline, versus 19% for the median Russell 1000 stock.

    “We estimate the potential productivity-related EPS boost from increased revenues or increased margins, using a combination of company-level estimates of the share of the wage bill exposed to AI automation and the labor cost to revenue ratio,” said the Goldman team.

    Since early 2023, when AI emerged as a theme for investors, they note their long-term basket of stocks has outperformed the equal-weight S&P 500 by just 6 percentage points, far less than near-term beneficiaries such as Nvidia
    NVDA,
    -0.49%
    ,
    Microsoft
    MSFT,
    +0.94%

    or Meta
    META,
    +0.51%
    .


    Goldman Sachs Investment Research

    “The estimated AI-driven earnings boost is likely to occur over the next few years, but should be reflected in stock valuations sooner. However, the eventual share price impact will depend on the ability of companies to use AI to enhance earnings,” said Goldman.

    While unable to pin it exactly, Goldman expects AI adoption will start to a have a “meaningful macro impact” between 2025 and 2030, with regulatory constraints and data privacy concerns likely to slow widespread adoption. Nearly 75% of CEOs see AI take-up impacting companies or cutting labor needs within the next five years, even if they don’t right now.

    Firms with the biggest workforce exposure to AI and larger and more innovative ones, will likely adopt generative AI earlier than others, say the strategists. They say to “expect valuation multiples for these companies to increase first as the adoption timeline crystallizes, even if actual adoption and the associated EPS boost is occur later.”

    Goldman’s estimates on the potential earnings boost for those long-term AI beneficiaries consist of several factors: the share of each company’s wage bill exposed to AI automation, how much of a company’s wage bill is exposed to AI automation and labor cost as a share of revenue.

    “For the typical Russell 1000 stock, 33% of the wage bill is potentially exposed to AI automation and labor costs currently represent 14% of total sales. The potential boost from higher sales would increase earnings by 11% and reduced labor costs would increase earnings by 26%, all else equal,” say the strategists.

    Here is a taster of their long-term AI beneficiaries basket:


    Goldman Sachs

    And a few more:


    Goldman Sachs

    Read: U.S. stocks may bounce this week, but summer selloff is only halfway done, analysts warn

    The markets

    U.S. stocks
    SPX

    COMP
    are trading mixed. The yield on the 10-year Treasury
    BX:TMUBMUSD10Y
    is steady at 4.33%.

    For more market updates plus actionable trade ideas for stocks, options and crypto, subscribe to MarketDiem by Investor’s Business Daily.

    The buzz

    Microsoft
    MSFT,
    +0.94%

    has proposed a Ubisoft license to win U.K. regulatory approval for its Activision Blizzard
    ATVI,
    +1.09%

    buyout. Activision shares and Ubisoft
    UBI,
    +9.93%

    surged in Paris.

    On the heels of a 7% surge, EV-maker Tesla
    TSLA,
    +2.77%

    is up 1.8%.

    Opinion: SoftBank’s Arm is going public, but it faces a rapidly growing threat

    Lowe’s shares
    LOW,
    +3.34%

    are up after the DIY retailer’s earnings topped expectations, though it notes lower discretionary demand.

    Among Monday’s late earnings news: Fabrinet
    FN,
    +27.25%

    is up 18% after the high-tech manufacturing services company upbeat forecast, with new AI products helping drive results. Videoconferencing group Zoom Video Communications
    ZM,
    -4.15%

    is up 4% after reporting an earnings jump and guidance.

    Read: Why Amazon is this analyst’s top internet stock pick

    The world’s biggest miner BHP
    BHP,
    -0.98%

    reported a 58% slump in annual profit amid tumbling commodity prices in part due to China’s economic troubles. U.S.-listed shares are up 4%.

    Arm Holdings filed its long-awaited IPO, which could be the year’s biggest. The chip designer aims to raise up to $10 billion with a valuation of $60 billion to $70 billion.

    Existing home sales for July are due at 10 a.m., with several Fed speakers throughout the day: Richmond Fed President Tom Barkin at 7:30 a.m. and Chicago Fed President Austan Goolsbee and Fed. Gov. Michelle Bowman both at 2:30 p.m.

    Best of the web

    ‘Own what the Mother of All Bubbles crowd doesn’t.’ This market strategist expects stagflation and is investing for it now.

    New video shows the day police raided 98-year old Kansas newspaper owner’s home.

    Hitler’s birth house in Austria will be turned into a police station with a human rights training center.

    The tickers

    These were the top tickers on MarketWatch as of 6 a.m.:

    Ticker

    Security name

    TSLA,
    +2.77%
    Tesla

    NVDA,
    -0.49%
    Nvidia

    AMC,
    -17.31%
    AMC Entertainment

    NIO,
    -1.87%
    Nio

    APE,
    -11.32%
    AMC Entertainment Holdings preferred shares

    TTOO,
    -6.13%
    T2 Biosystems

    GME,
    -3.63%
    GameStop

    AAPL,
    +0.63%
    Apple

    MULN,
    -19.19%
    Mullen Automotive

    AMZN,
    +0.15%
    Amazon.com

    The chart

    Is tech dancing to the beat of its own drum? The Chart Report flagged this one from Scott Brown, founder of Brown Technical Insights, showing performance of the Technology Select Sector SPDR ETF
    XLK
    :


    @scottcharts

    “It’s only been a week, but consensus and conventional wisdom suggest higher yields are bad for Growth/Tech stocks. Meanwhile, Tech is acting like it never got the memo. It’s still too early to tell if Tech is trying to tell us something, but Scott points out that the sector is facing a crucial test this week at the March 2022 highs (around $163). $XLK is solidly above $163 after today’s bounce, but where it ends the week will likely hinge on $NVDA, as the company releases earnings on Wednesday evening,” says Patrick Dunuwila, editor and co-founder of The Chart Report. 

    Random reads

    “We are the champions.” Spain erupted in celebrations to welcome its Women’s World Cup victors. And England’s Lionesses got a 1,000 soccer-ball tribute.

    No, Tropical Storm Hilary didn’t flood Dodger Stadium.

    These thirsty beer-drinking thieves are raccoons.

    Need to Know starts early and is updated until the opening bell, but sign up here to get it delivered once to your email box. The emailed version will be sent out at about 7:30 a.m. Eastern.

    Listen to the Best New Ideas in Money podcast with MarketWatch financial columnist James Rogers and economist Stephanie Kelton.

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