Bloomberg - Evening Briefing - Amazon rises as Facebook falls

Bloomberg Weekend Reading

Facebook-parent Meta dropped below Microsoft in terms of market value after the company was hammered in a record $251 billion wipeout. The embattled social media platform is now seen by some analysts as past its peak. Mark Zuckerberg may have seen this coming, given his big bet on the so-called metaverse, but whether that pivot works is anyone’s guess. Meanwhile, other mega-tech giants are firing on all cylinders, with Amazon’s Jeff Bezos banking on U.S. consumers happily paying an extra $20 for a Prime subscription. It’s certainly been a dramatic week for billionaires like him: Here’s our ranking of the world’s top 0.1%.

What you’ll want to read this weekend

There’s excessive pay, and then there’s eye-popping compensation. A pay war is erupting at Sculptor Capital Management where the CEO could get an annual payout of almost $200 million. But it’s not so rosy elsewhere in the hedge fund universe—one of them is blaming Covid-19 for its losses. And flashy traders may no longer be in vogue with investors anyway—an army of faceless suits is taking over as old rockstars are left behind.

The toxic culture in the mining industry is no secret, but a report by Rio Tinto has illustrated its pervasiveness. There’s better news in urban mining though, where a U.K. developer is salvaging steel frames from old office blocks and a steel mill in Beijing is now a Winter Olympics paradise.

A mine worker walks through the processing plant at a mine operated by the Rio Tinto Group in the East Kimberly region of Australia in 2019. 

Photographer: Carla Gottgens/Bloomberg

There are huge sums sloshing around the crypto world. Take the example of Wormhole, where a hacker exploited a software bug and absconded with $320 million in digital currency. The project’s backers replaced their money in just a few hours. Naturally, bots are now increasingly common on crypto platforms, seeking whatever profits they can make. The problem? They’re wreaking havoc.

Putting artichoke on your face is part of the latest trend in wellness, one that uses items from the grocery store as key ingredients in beauty products. Also on the “clean” beauty list? Blueberries, kale and spinach

What you’ll need to know next week

What you’ll want to read in Businessweek

Beijing Weaponized State-Sponsored Bankruptcy

Some 500 state security personnel arrived at the offices of Apple Daily, Hong Kong’s most prominent pro-democracy newspaper, at 7:30 a.m. on June 17. Soon after, they detained the paper’s top editors and carted away files and hard drives. It was a scene that would have been hard to imagine in Hong Kong a few years earlier. But then Beijing, already deep into its campaign of rolling back civil liberties there, went even further.

Carrie Lam, Hong Kong's chief executive, second left, attended a flag-raising ceremony to mark National Day in Hong Kong on Oct. 1. 

Photographer: Paul Yeung/Bloomberg

Older messages

America’s hiring spree

Saturday, February 5, 2022

Bloomberg Evening Briefing View in browser Bloomberg US employers extended a hiring spree last month despite a record spike in Covid-19 infections and related business closures, with surging wages

Facebook faces mortality

Thursday, February 3, 2022

Bloomberg Evening Briefing View in browser Bloomberg Facebook co-founder Mark Zuckerberg sought to rally his employees on Thursday in the face of a calamitous drop in the share price of Meta, parent of

U.S. troops on the move

Wednesday, February 2, 2022

Bloomberg Evening Briefing View in browser Bloomberg With diplomacy (at least publicly) at an impasse and about 120000 Russian military personnel still looming on Ukraine's borders, President Joe

Putin speaks

Tuesday, February 1, 2022

Bloomberg Evening Briefing View in browser Bloomberg In his first public remarks in a month on the crisis that's emerged from his decision to mass Russia's military on Ukraine's border,

Brutal sanctions

Monday, January 31, 2022

Bloomberg Evening Briefing View in browser Bloomberg Russian Foreign Minister Sergei Lavrov and US Secretary of State Antony Blinken are to speak by phone Tuesday as diplomatic efforts to persuade

While aiming for a 'soft landing,' Fed Chair Powell warns that cooling inflation without plunging into a recession will be 'challenging'

Thursday, May 19, 2022

There are several paths to "a soft or soft-ish landing," Powell said, but Russia's invasion of Ukraine and supply-chain issues make them risky. View in browser Business Insider Business

Are you missing out on potential returns?

Thursday, May 19, 2022

Here's my advice. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

The Daily StockTips Newsletter 05.19.2022 (AMKR & SAFM REMOVED)

Thursday, May 19, 2022

I've Screened the Market for what I Consider the Best, Safest, & Most RELIABLE Profit Opportunities! (Published 7:30 AM ET MON-FRI) ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Fintech News Issue #364

Thursday, May 19, 2022

Recent events in the crypto space. Even stablecoins were affected by the recent downturn in the market See Online Issue #364 - Did Terra Luna Disrupt The Queen's Plans? 2022-05-19 This number of

Retail calamity

Wednesday, May 18, 2022

Bloomberg Evening Briefing View in browser Bloomberg US consumers are shifting their spending from merchandise to services, a worrying trend for retailers that spent the past two years profiting from a

😳 China comes crawling back

Wednesday, May 18, 2022

Sorry about the “crackdown” thing | UK inflation beats the rest | TOGETHER WITH Hi Reader, here's what you need to know for May 19th in 3:05 minutes. 👩‍🔧 Our vehicles are getting more eco-friendly

Can I trick my brain by going cash-only?

Wednesday, May 18, 2022

plus Taco Bell + Tom Brady ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ May

A kind of mortgage that helped cause the housing crash is surging in popularity. Here's why it's different this time.

Wednesday, May 18, 2022

The 2008 housing crash was triggered, in part, by adjustable rate mortgages. Experts say the mortgage industry is in a much more solid place today. View in browser Business Insider Business Insider

The Daily StockTips Newsletter 05.18.2022

Wednesday, May 18, 2022

I've Screened the Market for what I Consider the Best, Safest, & Most RELIABLE Profit Opportunities! (Published 7:30 AM ET MON-FRI) ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

America’s ‘domestic terrorism’

Tuesday, May 17, 2022

Bloomberg Evening Briefing View in browser Bloomberg The Biden administration is poised to fully block Russia's ability to pay US bondholders after a deadline expires next week, a move that could