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Culture Corner

Robert Downey Jr. Returns To Marvel And He’s Not Flying Coach

Hold onto your Infinity Stones, folks Robert Downey Jr. is stepping back into the Marvel Cinematic Universe, this time trading his Iron Man armor for the sinister cape of Doctor Doom in Avengers: Doomsday and Avengers: Secret Wars. But the real plot twist? The perks of his villainous comeback might make even Thanos blush.

According to sources via Variety, the Russo brothers are earning a jaw dropping $80 million to direct the films. Impressive, sure is but Downey, ever the scene stealer, is reportedly raking in “significantly more” for his role as the MCU's new big bad boy. Like he doesn’t already have that J.O.B. description down pat 🤭

And the perks, they’re the stuff of billionaire geniuses (or at least their real life equivalents). Downey’s deal allegedly, yes allegedly, includes private jet travel, a dedicated security squad, and wait for it, a “trailer encampment.” Not just a trailer, an entire damn encampment.

Downey remains the highest-paid Marvel star to date, with total earnings from his MCU tenure estimated between $500 million and $600 million for seven films and three cameos. Talk about Avenging some serious wealth.

TECH TODAY

Drones fly across New Jersey and NorthEast: The Pentagon in a press briefing said the unknown drones were not military nor are they believed to be of a foreign nation.

Automattic And WP Engine Feud: A California district court judge has ordered Automattic, parent company of WordPress.com, and its CEO, Matt Mullenweg, to reinstate WP Engine’s access to wordpress.com. The decision highlights the ongoing tensions within the WordPress community and underscores legal boundaries of access.

Reddit Feeding AI: Artificial-intelligence companies were one of Reddit’s (RDDT) -6.73 decrease, but they are down pointing triangle of biggest frustrations last year. Now they are a key source of growth for the social-media platform. 

 🎁 Happy Holidays 🎄

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HEADLINE NEWS 👀

Inflation Proves Stubborn Ticking Up to 2.7%

Inflation progress hit a snag in November as the Consumer Price Index (CPI) rose 2.7% year-over-year, reversing earlier trends of declining goods prices. Core inflation, excluding food and energy, climbed 0.3% m-o-m, holding steady at 3.3% annually.

Goods inflation surged at its fastest pace in 18 months, driven by a jump in vehicle prices as drivers replaced hurricane-damaged cars. Economists fear inflation could accelerate further if the incoming Trump administration enacts broad tariffs.

Housing cost increases slowed slightly, offering a glimmer of hope, but persistent inflation in services like medical care remains a concern. Economists warn the "last mile" of tackling inflation will require a demand slowdown, posing political challenges.

The Federal Reserve faces tough decisions. Another rate cut is widely expected next week, though sticky inflation could force officials to slow or halt further reductions.

Meanwhile, consumer and business optimism rose post-election, buoyed by hopes of pro-business policies under the Trump administration. Yet, budget-conscious households continue to feel the pinch of prolonged inflation and higher interest rates.

The economic outlook hinges on whether housing cost improvements persist or goods price pressures escalate in the coming months.

Albertsons Sues Kroger After Failed $20 Billion Deal

Failed acquisition, isle 1. Albertsons has sued Kroger, alleging it sabotaged their $20 billion merger by failing to address regulators’ antitrust concerns. The lawsuit comes a day after a federal judge blocked the deal, citing its potential to harm competition and raise prices for consumers.

Albertsons claims Kroger prioritized its financial interests over regulatory approval, accusing it of rejecting stronger divestiture proposals. Kroger, in turn, says Albertsons breached the agreement and is trying to unfairly secure a $600 million breakup fee.

The failed merger, announced in October 2022, sought to create a grocery powerhouse to compete with Walmart and Amazon. However, regulatory concerns about store divestitures and the ability of smaller buyer C&S Wholesale Grocers to compete doomed the deal.

Albertsons’ profits have declined during the two-year approval process, and its CEO warns the company may face store closures and layoffs without a buyer. Kroger, meanwhile, has announced a $7.5 billion stock repurchase plan, signaling its intent to move forward independently.

This legal battle adds to a history of failed mergers ending in court, echoing disputes involving Twitter, Victoria’s Secret, and health insurers Anthem and Cigna.

Walgreens In Buyout Talks With Private Equity Group

Walgreens Boots Alliance is reportedly in discussions with private-equity firm Sycamore Partners for a potential buyout that could take the pharmacy chain private. The deal, which could finalize early next year, follows a decade of declining performance for Walgreens, whose market value has plummeted from over $100 billion in 2015 to around $7.5 billion before news of the talks surfaced.

On Tuesday, Walgreens shares surged 18% their largest one day jump ever boosting its market value to approximately $9 billion, down from an estimated enterprise value of $100 billion since the beginning of the Covid19 pandemic.

Sycamore, known for investments in retail and consumer brands, would face a significant challenge in acquiring the massive chain, which operates more than 12,000 stores across the U.S., Latin America, and Europe. Insiders suggest the firm may sell off parts of Walgreens’ business or collaborate with partners post acquisition.

The company faces declining margins from prescription drug sales, competition from Amazon and additional e-commerce companies, and setbacks from its 2015 acquisition of European pharmacy giant Alliance Boots which contributed to its struggles.

Unlike rival CVS, which diversified into health insurance and pharmacy benefit management, Walgreens has remained a retail pharmacy. Under new CEO Tim Wentworth, who took over in late 2023, Walgreens has announced store closures.

Walgreens’ next earnings report is scheduled for Jan. 9, with the buyout talks signaling a possible shift for the company after years of declining fortunes.

JetBlue Slashes Routes In Push To Profitability

JetBlue Airways is slashing eight major routes as part of its “JetForward” strategy to return to profitability. Cuts include high-profile routes like New York-London, New York-Miami, and Boston-San Jose, marking the airline’s exit from Silicon Valley. Seasonal routes like Boston-Grenada and New York-Tulum are also on the chopping block.

The airline will pull its Mint business-class A321 jets from transcontinental routes to Seattle, with no immediate plans for redeployment. Transatlantic expansion is being scaled back, leaving only top-performing routes.

Under new CEO Joanna Geraghty, JetBlue aims to refocus on high demand markets and strengthen its presence in the Northeast. The airline plans to announce new route redeployments in the coming weeks.

💰️ Smart Money Matters 💰️ 

SMALL BUSINESS OWNERS NEWS

Corporate Transparency Act (CTA)

12/11/24 Update: U.S. Businesses May Face $10K Fines for Missing Ownership Reporting Deadline Under New Law

Small businesses must comply with the Corporate Transparency Act (CTA) by reporting beneficial ownership information (BOI) to the Treasury's Financial Crimes Enforcement Network (FinCEN) by Jan. 1, 2025. The CTA, passed in 2021, targets illicit finance by requiring transparency around who owns or controls companies operating in the U.S.

An estimated 32.6 million businesses, including corporations and LLCs, are subject to the new rules. Noncompliance could result in fines of $10,000 or more, plus possible jail time for "willful" violations.

Despite the looming deadline, many businesses remain unaware or unprepared. The Treasury has not disclosed how many BOI reports have been filed so far. A federal court in Texas has temporarily halted enforcement of the law, but the mandate is still in place.

The law seeks to prevent crimes like money laundering, terrorism, and corruption by eliminating the anonymity often enabled by shell companies. As Treasury Secretary Janet Yellen emphasized during FinCEN's BOI portal launch in January, "Corporate anonymity enables money laundering, drug trafficking, terrorism, and corruption."

For more details, visit FinCEN’s Corporate Transparency Act page or learn about beneficial ownership reporting here.

12/4/24 Update: A federal court has halted the implementation of the Corporate Transparency Act’s beneficial ownership reporting requirements. This will remain in effect until the conclusion of legal proceedings. As of this update, businesses are not required to comply with the reporting requirements.

The Corporate Transparency Act that went into effect January 1, 2024 was designed to combat money laundering and illicit illegal activities by requiring businesses to report beneficial ownership information to the Financial Crimes Enforcement Network (FenCEN).

The CTA required small businesses to disclose personal information about their owners that included names, addresses, and identification numbers.

Compliance required businesses to meet the reporting guidelines and submit the required information no later than January 1, 2025 or face steep penalties.

ECONOMY

Federal Reserve This Week

The Federal Reserve reported the Consumer Price Index (CPI) this morning. Later in the week the Fed reports U.S. Import & Export Prices Friday morning.

FINANCE

Macy’s Reveals Accounting Error Of $151 Million

Macy’s concluded investigations uncovering $151 million in false accounting entries caused by a single employee’s error and subsequent coverup. The discrepancy, spanning from late 2021 to fall 2024 and stemmed from understated small package delivery expenses, according to a source familiar with the probe.

The employee, responsible for delivery expense accounting, falsified documentation to conceal the mistake. Although terminated, the individual reportedly did not act for personal financial gain.

The accounting irregularities delayed Macy’s financial report last month, triggering a selloff in its stock, which dropped 10% Wednesday as the company lowered its profit forecast. Macy’s now projects fiscal year earnings of $2.25 to $2.50 per share, citing the uncovered expenses as a contributing factor.

Macy’s CEO Tony Spring announced strengthened controls to prevent future errors but declined to comment on whether the case was referred to law enforcement. The company has not disclosed how the discrepancies went unnoticed by its auditor, KPMG, which it paid $12.8 million from 2021 to 2023.

Despite cautious holiday season expectations, Macy’s reported growth at top-performing stores and raised $66 million from asset sales, surpassing projections. Plans to close 65 stores this year reflect ongoing efforts to optimize its portfolio.

TPG Co-Founder David Bonderman Billionaire Investor Dies at 82

David Bonderman was a Harvard-trained lawyer turned private equity pioneer. He passed away Wednesday at age 82. Known for his bold approach to business, Bonderman co-founded TPG in 1993 growing it into a global investment giant managing $239 billion in assets.

Before a career investing, Bonderman lived an interesting life. He argued before the Supreme Court, hitchhiked across Africa, and became fluent in Arabic. His larger than life personality extended to deal making, where he paired a problem solver’s mindset with a rock star flair, hiring the Rolling Stones and Paul McCartney for parties.

Bonderman and co-founder Jim Coulter built TPG on high stakes leveraged buyouts, including marquee deals for Continental Airlines and Burger King. However, the 2008 financial crisis tested TPG, with significant losses in high profile investments like Washington Mutual and TXU.

Born in Los Angeles, Bonderman studied Russian at the University of Washington and served in the Civil Rights Division during the Johnson administration before launching a trailblazing investment career. He leaves behind a legacy of bold business ventures and global influence.

POLITICS

FBI Director Resigns Amid President Elect Tensions

FBI Director Christopher Wray announced his resignation, effective before the Trump administration begins, citing the need to preserve the bureau’s independence. The move comes after President elect made clear he would replace Wray with a loyalist intent on overhauling the FBI.

Wray was appointed in 2017 by Trump and endured a strained relationship with the former president, particularly following the FBI's investigations into Trump’s conduct and the 2022 search of Mar-a-Lago for classified documents. Trump's chosen successor, Kash Patel, a vocal critic of the FBI, has proposed sweeping reforms, leaving many bureau employees uneasy about its future.

In a final address to staff, Wray emphasized the importance of the FBI’s values, receiving a standing ovation from employees. While his tenure focused on cybersecurity, violent crime, and national security, Wray faced criticism for the bureau’s handling of politically sensitive cases, including the Russia probe.

Trump, who called Wray’s resignation "a great day for America," has faced criticism for his proposed replacement, with some questioning Patel’s qualifications. Senate confirmation for Patel remains uncertain, as concerns about the FBI’s future loom under a potentially tumultuous transition.

Deputy Director Paul Abbate is expected to serve as interim head until his planned retirement in April. Wray’s departure highlights the challenges of maintaining the FBI’s independence amid mounting political pressures.

SPORTS

Six Time Superbowl Chamption Bill Belichick Named UNC Head Football Coach

Legendary NFL coach Bill Belichick, who led the New England Patriots to six Super Bowl titles, will take the reins at the University of North Carolina, sources told The Athletic. The three-year deal is reportedly worth $30 million.

Belichick, 72, transitions to the college ranks after an illustrious NFL career that includes 333 wins. He replaces Mack Brown, UNC’s all-time winningest coach, who was fired after a rocky 2024 season.

Despite NFL dominance, this marks Belichick’s first foray into college coaching. Belichick aims to bring a professional edge to Chapel Hill, pledging to create a program that mirrors NFL level training and discipline.

Belichick’s son, Steve, currently a defensive coordinator at Washington, is expected to join his father’s staff, signaling a potential family led overhaul. However, challenges loom for Belichick in navigating the complexities of recruiting, the transfer portal, and NIL deals will test the veteran coach’s adaptability.

For UNC, the hire injects immediate national intrigue. Belichick’s name recognition rivals Deion Sanders’ impact at Colorado, but his stoic demeanor offers a stark contrast. Whether Belichick can revitalize a middling program remains to be seen, but one thing is certain — the Tar Heels are now a team to watch.

THE GRIND FACTORY ⚙️

UNIQUELY INTERESTING

💡 Epiphany Moments

A simple idea and a small investment create an interesting service behemoth.

In 1989 a 19 year old waiting in line at a McDonald’s drive thru in Vancouver, BC noticed a sign on the side of a beat up truck “junk removal”. Inspired Brian Scudamore came up with the thought that he could do better. Scudamore took $1,000 and started Rubbish Boys.

The investment amounted to the purchase of a $700 F-100 pickup truck with the remaining 30% spent on marketing materials. His goal was to create a professional and efficient junk removal service. The business gained traction and by years end he was able to pay his college tuition.

The company continued to enjoy success and grow then in 1998 rebranded into the well known 1-800-GOT-JUNK. Today the company operates in multiple countries and has become a leader in the junk removal business.

 🍎 One Smart Apple

When marrying right is right. Stan Kroenke is a billionaire whose wealth stems from both his entrepreneurial ventures and his connection to the Walton family, heirs to the Walmart fortune.

Kroenke's self-made success began with the Kroenke Group, a real estate development firm he founded in 1983. Kroenke Group specializes in shopping centers and apartment complexes. He expanded his empire by acquiring major sports franchises through Kroenke Sports & Entertainment owns the Los Angeles Rams, Denver Nuggets, Colorado Avalanche, and Arsenal F.C.

However, his marriage to Ann Walton in 1974, a Walmart heiress, significantly bolstered his financial foundation. This connection to one of the world's wealthiest families provided access to additional resources and opportunities that have shaped his rise 🍏 

 HEALTH & LONGEVITY •ᴗ•

The Essential Ingredient To Enjoy Longevity

A growing body of research emphasizes the importance of healthspan, the years spend enjoying good health, to be a more critical metric than lifespan. This is what the experts are saying:

Healthspan focuses on living healthier, not just longer, bridging the gap between the total years lived and the quality of those years. The period of life during which a person is in good health, free from chronic diseases or disabilities. Unlike lifespan, which measures the total years of life, healthspan focuses on the quality of those years, emphasizing vitality and functional independence.

How to Maximize Healthspan:

• Nutrition: Focus on anti-inflammatory foods (fruits, vegetables, healthy fats), avoid processed sugars, and consider intermittent fasting for cellular repair.

• Exercise: Combine aerobic activities, strength training, and balance exercises like yoga to maintain mobility and heart health.

• Sleep: Get a good nights sleep aiming for 7–9 hours with a consistent sleep.

• Stress Management: Practice mindfulness, meditation, or hobbies. Keep chronic stress to a minimum.

• Social Connections: Stay connected with friends and loved ones. Build new relationships and engage in community to combat loneliness.

• Brain Health: Stay sharp with puzzles, reading, or learning new skills; read The Grind Newsletter daily 😊 

• Avoid Harmful Habits: Quit smoking (yes, vapes too) and limit alcohol.

• Health Monitoring: Track key metrics e.g., blood pressure, cholesterol. Proactively seek out preventive care.

Focus on healthspan to ensure a long life, and vibrant enjoyable living.

🎁 Happy Holiday’s  🎄

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