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UK finance minister announces tax hikes and spending cuts, says country is in recession [CNBC]
Finance Minister Jeremy Hunt, in his hotly anticipated inaugural Autumn Statement, outlined around £30 billion in spending cuts and £25 billion in tax hikes…. The measures will increase financial hardship on millions of Britons as they confront the country’s worst cost-of-living crisis in decades and its longest-ever recession.
However, Hunt said they were necessary to limit 41-year-high inflation and recover the U.K.’s reputation; dubbing the plan the “ultimate growth strategy.”

Companies Are Still Boosting Capital Spending Despite Higher Rates [WSJ]
Capital spending among companies in the S&P 500 in the third quarter is set to top $200 billion…. That’s on pace for a jump of about 20% from a year earlier, roughly in line with the first and second quarter’s growth rates…. Companies are spending to bring production to the U.S. to stem persistent supply-chain challenges that have led to shipping delays and shortages of key products such as semiconductors. Mentions of “reshoring” during earnings conference calls have skyrocketed in 2022, according to Bank of America.

SpaceX Employees Say They Were Fired for Speaking Up About Elon Musk [NYT]
When asked whether the chief executive could sexually harass his workers with impunity, [vice president Jon] Edwards did not appear to answer, the two employees said. But they said the meeting had a recurring theme — that Mr. Musk could do whatever he wanted at the company…. Interviews with the eight SpaceX employees who filed the charges highlight Mr. Musk’s firm grip on his workplaces, perhaps even beyond the restraints of federal law.

Former Theranos CEO Elizabeth Holmes set to be sentenced [CBS News]
The sentence, to be imposed by Judge Edward Davila of the Northern District of California, will be seen as a signal for how seriously wrongdoers in the high-flying world of tech startups can expect to be punished when they misrepresent a company's capabilities…. "Given the facts that all came out at trial, I would suspect she's looking at a significant amount of prison time, probably closer to what the government asked for," [Morrison Foerster lawyer Carrie] Cohen said….
Federal prosecutors have asked for a sentence of 15 years and payment of $800 million, painting Holmes' crimes as "among the most substantial white collar offenses Silicon Valley or any other District has seen…."

You Can Soon Buy Stock Directly in the Atlanta Braves [WSJ]
The new company, to be called Atlanta Braves Holdings Inc., would own the Atlanta Braves team itself as well as certain assets and liabilities associated with the stadium and the nearby mixed-use development project, The Battery Atlanta. The split-off would give potential investors more direct exposure to the operations of the Braves without ownership of Liberty Media’s other holdings, which include Formula One Group and a majority stake in Sirius XM Holdings Inc…. The Braves are among a small roster of sports franchises with exposure to the public markets.

The New York hedge fund hiring wildly from Goldman, JPMorgan [efinancialcareers]
Verition Fund Management, a New York hedge fund founded in 2008 by Nick Maounis and Josh Goldstein with $6.1bn in assets under management, was spied adding huge amounts of staff during the pandemic by Bloomberg earlier this year. That trend has continued.
By our count, the firm has added at least 11 portfolio managers in the last three months – from institutions including Deutsche Bank, Goldman Sachs, and JPMorgan, among others. At least another seven PMs were added over the summer.


grand tetons

Opening Bell: 8.24.21

Jackson Hole calling (virtually); another space SPAC; China troubles; Elon Musk thinks Elon Musk’s self-driving software sucks; and more!

By Luis Villa del Campo from Madrid, Spain (Times Square - NASDAQ) [CC BY 2.0], via Wikimedia Commons

Opening Bell: 3.11.22

Chinese companies on the chopping block; recession risk rises; crypto-401(k)s checked; Elon Musk is homeless; and more!


Opening Bell: 9.8.22

EY has a deal with itself; bond blues; BlackRock bites back; Elon Musk not the first not to want to buy Twitter; and more!

liz truss

Opening Bell: 10.20.22

Liz leaves; Blackstone’s bad quarter; noted promise-keeper Elon Musk makes another one; warm beer, cricket and Citadel; and more!

(Getty Images)

Opening Bell: 11.17.17

Morgan Stanley is walloping Goldman in commodities; Elon Musk rolls out a(n allegedly) very fast car; robot backflips; and more.

kimbal musk

Opening Bell: 9.27.21

Don’t personally guarantee business loans; don’t bribe governments officials; don’t vote for Elon Musk’s kid brother; and more!


Opening Bell: 5.17.21

Huge hedge fund blues; buyback bonanza; Elon Musk is as clear as ever; and more!

nyse at night

Opening Bell: 8.17.22

Apocalypse then; non-burning questions about Paul Singer; Elon Musk makes red hearts flutter; and more!