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TECH TODAY

AT&T and Verizon attacked: Two of the largest U.S. telecom providers, announced they have secured their networks following cyberattacks from the China linked Salt Typhoon espionage group.

Bech Shuts down and customers locked out of accounts: The accounting startup that left thousands stranded after suddently shutting down last week will be acquired by Employer.com

AI Creating Boom Towns: Central Washington is a rural region but AI is changing it fast as electricians from around the country plug into its giant data centers.

HAPPY NEW YEAR 🏁

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HEADLINE NEWS 👀

President Jimmy Carter, Humanitarian, Dead at 100

Jimmy Carter, America’s longest lived president, passed away Sunday at 100 in his modest Plains, Georgia, home. Nearly two years ago, he chose to forgo further medical treatment, facing his declining health with the same quiet resolve that marked his life.

A peanut farmer and naval officer turned governor, Carter emerged as a beacon of honesty in the post Watergate era, promising never to lie to the American people. In 1976, he rode that promise to the presidency. His single term was turbulent, defined by gas shortages, inflation, and the Iran hostage crisis, but also by historic achievements, including the Camp David Accords and a nuclear arms agreement with the Soviet Union.

Carter’s greatest legacy, however, came after he left the White House. As a former president, he championed peace, human rights, and global health, earning a Nobel Peace Prize in 2002. Through the Carter Center, he helped eradicate disease, monitor elections, and fight for the world’s poorest.

Chip Carter, his son, called him a hero “to everyone who believes in peace, human rights, and unselfish love.” He added, “The world is our family because of the way he brought people together.”

Carter’s resilience defied the odds. In 2015, he beat melanoma that had spread to his liver and brain. In early 2023, he entered hospice care, yet lived on, captivating admirers worldwide with his strength. His story was not without shadows, allegations surfaced last year of a covert effort to sabotage his 1980 reelection campaign, a reminder of the challenges he faced even after leaving office.

In November, Carter lost Rosalynn, his wife of nearly 80 years. Their partnership was a love story for the ages, spanning presidencies, pandemics, and the home they built in Plains, Georgia.

Jimmy Carter’s funeral will mark the first for a U.S. president since George H.W. Bush in 2018. He leaves behind a legacy of humility, service, and an unwavering belief in the power of humanity to do good.

Tariffs Keep Wall Street Bankers Guessing For 2025

Wall Street is hopeful for a merger boom in 2025, driven by falling interest rates, a strong stock market, and President elect Donald Trump’s deregulatory agenda. But Trump’s unpredictability keeps nerves on edge.

Global dealmaking in 2024 rose 12% compared to 2023, but activity remains far below the 2021 peak, per Dealogic. High-profile deals, like Capital One’s $35 billion bid for Discover and Mars’s $30 billion acquisition of Kellanova, dotted the year. Still, big transactions in tech and healthcare—the usual hotspots—were scarce.

Optimism spiked when Trump tapped Republican FTC member Andrew Ferguson to replace antitrust hawk Lina Khan as chair. Ferguson is expected to ease rules that once stifled mergers. But uncertainty lingers. “Sentiment is positive, but the details are unclear,” said Jay Novak of Houlihan Lokey.

Lower interest rates and soaring stock prices—up 25% for the S&P 500—are enticing CEOs and private-equity firms back to the table. Cheaper debt and stock-for-stock deals are fueling speculation about a 10–15% growth in mergers next year, according to Goldman Sachs.

Still, risks loom. Trump has threatened tariffs—25% on goods from Mexico and Canada, and 10% on China. Treasury Secretary pick Scott Bessent calls tariffs a “negotiating tool,” but bankers warn steep levies could dent profits, inflate costs, and disrupt deals.

Despite uncertainty, pressure is mounting. Private equity firms, sitting on unsold assets and fresh capital, are ready to act. Bankers report a growing backlog of deals, waiting only for the right moment to strike.

Cable TV Pioneer and HBO Founder Charles Dolen Dies

Charles F. Dolan, the visionary behind HBO and Cablevision, passed away on Saturday at 98, leaving behind a legacy of innovation in cable TV, sports, and entertainment. His family confirmed his death in a statement Sunday, without disclosing the location.

Dolan launched Cablevision in 1973 with just 1,500 customers. By 2015, he sold the company, serving 3 million households in the New York metro area, to Altice for $17.7 billion. Over decades, Dolan transformed cable television into a cultural force, introducing commercial free movies with HBO and pioneering local news channels like News 12.

Known as a tenacious yet soft spoken negotiator, Dolan blended creativity with fierce competitiveness. He expanded Cablevision to include Madison Square Garden, its sports teams (Knicks, Rangers), and prominent venues like Radio City Music Hall. The family also controls AMC Networks and other entertainment ventures.

Born in Cleveland Heights in 1926, Dolan dropped out of college to pursue sports newsreels before diving into cable TV. He wired Manhattan for cable in the 1960s and launched HBO in 1972. Though Manhattan Cable lost money, he reinvested in Long Island systems, founding Cablevision.

Dolan’s ventures weren't without clashes. In 2005, he lost a battle with his son James over a satellite business. Yet their bond endured, and the Dolans remained a dominant force in New York’s sports and media landscape.

Charles Dolan, a pioneer who saw cable as more than technology, once said, “As soon as it’s obsolete, junk it; let’s go on to the next one.” His bold vision reshaped modern entertainment.

💰️ Smart Money Matters 💰️ 

Culture Corner

For Many Americans Homeownership Math Ain’t Math’in

Rising Costs Push Homeownership to Breaking Point. Skyrocketing insurance premiums and property taxes are squeezing homeowners across the U.S., rewriting the financial math of owning a home.

Insurers are hiking rates due to mounting disaster losses and costly repairs, while surging home values have driven property taxes higher. In September, 32% of the average single family mortgage payment went to taxes and insurance, an all time high, according to Intercontinental Exchange.

In some cities like Miami and Omaha, one in four homeowners spends more than half their monthly mortgage on taxes and insurance. Nationwide, 9% of homeowners face this burden, up from 4% in 2014.

The financial pinch isn’t just hitting new buyers. Older homeowners on fixed incomes are struggling to keep up. “Even retirees who paid off their mortgages years ago didn’t budget for these kinds of increases,” said Joshua Stewart of housing nonprofit Fahe.

Take Michael and Lisa Landry of New Orleans. They bought their home in 2015, paying $725 a month for taxes and insurance. Today, that figure is $2,448, more than their mortgage payment. “Had I known this, we wouldn’t have moved here,” said Michael, who fears they’ll have to sell when he retires.

Many are already opting out. In Florida, for example, the number of uninsured homeowners has risen sharply, with 21% of Miami homeowners forgoing insurance in 2023. But skipping coverage could spell disaster after a storm.

Rising costs are also eating into housing affordability. High taxes and insurance premiums are forcing some to lower asking prices, while others struggle to qualify for refinancing. “You have less budget for the mortgage itself,” said Andy Walden of Intercontinental Exchange, “which drives down home prices.”

For now, homeownership remains a costly dream for many, and for some, it’s turning into a nightmare.

SMALL BUSINESS OWNERS NEWS

Corporate Transparency Act (CTA)

Federal Courts Hit Pause on Beneficial Ownership Filings—For Now

UPDATE Dec 22, 2024: Businesses just got a reprieve, or maybe a ticking time bomb. For now, the federal government isn’t enforcing the Beneficial Ownership Information (BOI) filing requirement under the Corporate Transparency Act (CTA). But the situation remains fluid.

What Happened: The CTA, effective January 1, 2024, requires over 30 million businesses to report ownership details to FinCEN by January 1, 2025, under threat of fines and jail time. Its aim is to Combat money laundering and terrorism. But lawsuits challenging its constitutionality quickly followed.

Alabama and Texas Rulings: In March 2024, an Alabama court ruled the CTA unconstitutional, allowing local plaintiffs to skip compliance. On December 3, 2024, a Texas court escalated matters with a nationwide injunction, calling the CTA an overreach. FinCEN has since halted enforcement, sparing businesses penalties, at least for now.

What’s Next: On December 13, the DOJ appealed to overturn the injunction, with a ruling expected by December 27. A reversal could force businesses into a last minute scramble before the January 1 deadline, or prompt FinCEN to extend it.

What Should Businesses Do?

Here are your options:

1. Monitor Developments: Hold off filing until the legal dust settles.

2. Prepare Documents: Gather BOI data to stay ready.

3. File Early: Avoid uncertainty and meet potential deadlines.

The Unknowns: The incoming administration might abandon the appeals, shelving the CTA entirely. Until then, the courts have offered businesses a temporary reprieve, but no certainty. Stay tuned.

ECONOMY

Coffee Shortage Drives Bean Prices To 50 Year High

Coffee’s in a climate crisis, with rising prices and shrinking farms, and Thaleon Tremain isn’t just listening to market trends.

As CEO and co-founder of Pachamama Coffee in California, Tremain insists coffee is a luxury. He prices his beans accordingly so farmers in Peru, Nicaragua, and Ethiopia can earn a living wage. But he’s concerned because coffee prices are climbing for the wrong reasons.

Extreme weather (droughts and floods) have battered global coffee crops, slashing supply. At the same time, demand keeps climbing. Prices hit a nearly 50 year high this month. While they may dip, Tremain sees instability threatening his business and farmers’ livelihoods. For consumers? Higher latte prices are inevitable.

“Supply isn’t meeting demand,” Tremain said.

Coffee is finicky. It thrives in misty, tropical climates with rich, disease-free soil. The U.S., aside from a tiny Hawaiian crop, grows little coffee and imports more than any other country. This reliance makes prices vulnerable to extreme weather.

Brazil, the world’s largest coffee exporter, suffered a severe drought this year, devastating its arabica harvest. Vietnam, the top producer of robusta beans (used in instant coffee), saw crops battered by drought followed by heavy rain.

The result, futures for arabica beans surged to $3.30 per pound in December, breaking a record “Prices will only ease when supply improves,” said David Oxley, a climate economist.

But climate change suggests relief isn’t coming. Rising temperatures and deforestation are shrinking coffee growing regions. Rutgers University’s Kevon Rhiney warns, “The areas suitable for coffee will shrink over time.”

Meanwhile, demand is booming, especially in China, where consumption has jumped 60% in five years. Pandemic era supply chain bottlenecks and inflation haven’t helped. Big players like Nestlé and J.M. Smucker are hiking prices and shrinking packaging.

Independent roasters like Scott Conary of Carrboro Coffee Roasters face tough choices. He raises prices gradually but sees transportation and storage costs skyrocketing. Still, Conary hopes higher prices will make consumers appreciate coffee’s agricultural roots and support smaller producers “People aren’t paying enough for coffee,” he said.

For Tremain and others, the message is clear, coffee is a luxury worth protecting. But as the climate shifts, its future grows increasingly uncertain.

FINANCE

Made in America Walmart’s $12.98 T-Shirt

The shelves at Walmart are packed for the holidays, but a $12.98 cotton T-shirt made in America stands apart.

In 2023, less than 4% of clothing bought in the U.S. was made domestically, battered by cheap imports. Yet, with Walmart’s muscle and commitment to American manufacturing, a North Carolina based company, American Giant, has managed to make these shirts profitable.

Bayard Winthrop, founder of American Giant, credits Walmart’s guaranteed orders for giving suppliers the confidence to invest in automation, slashing production costs. Without it, these shirts couldn’t compete with cheaper imports from China or Vietnam.

The shirts are designed for efficiency, seamless tubular knits, rugged cotton, and automated patches. Despite labor intensive processes, new machinery and tweaks to production helped keep the price under $13.

American Giant, known for its premium American made apparel, typically charges $40–$60 for T-shirts and $148 for hoodies. But Walmart’s bulk order enabled a lower price point for its customers.

Since pledging in 2013 to prioritize American made goods, Walmart has upped its investment in domestic products, helping counteract decades of decline in U.S. manufacturing. Still, price conscious shoppers and rising inflation present challenges for scaling efforts like this.

“We can make almost anything here, so long as it doesn’t require too much labor,” Winthrop said. But while the T-shirts have been a success, the question remains, will Americans pay more for products made at home?

Despite renewed efforts from companies and government tariffs, U.S. textile plants continue to close. Yet Walmart and American Giant’s partnership hints at what’s possible when retail giants invest in domestic supply chains.

As Winthrop puts it, “If little old me can spin up a program for Walmart, big brands with their resources should do the same.”

POLITICS

Biden’s CHIPS Act Spurs “Tiny Taipei” In The Arizona Desert

Helen Wang clocks out from her shift at the sprawling TSMC microchip plant outside Phoenix and heads home, not to rest, but to cook. Her side hustle? Spicy beef soup and pork noodles for her fellow Taiwanese workers craving a taste of home.

Two years ago, there were almost no Asian grocery stores or Taiwanese restaurants near this suburban edge of the Sonoran Desert. Then the Taiwan Semiconductor Manufacturing Company (TSMC) arrived, bringing thousands of Taiwanese workers and their families. Now, this corner of Arizona is transforming into a vibrant “Tiny Taipei.”

Strip malls once dominated by taquerias and nail salons now host boba tea shops and stir fry joints. Supermarkets stock Taiwanese noodles and sauces. Mandarin echoes in schools and daycare centers, where 282 Taiwanese students are enrolled.

TSMC’s gleaming, spaceship like factory is a key piece of President Biden’s push to bolster U.S. chip production through the $52 billion CHIPS Act. The company is pouring $65 billion into its Arizona operations, with production slated to start in 2025.

But the factory's success, and the future of its immigrant workforce, hangs in the balance. President elect Donald Trump has criticized the CHIPS Act and raised concerns about foreign workers. A debate over skilled visas and allegations of discrimination within TSMC has only added to tensions.

Inside the plant, cultural clashes simmer. American employees struggle with TSMC’s grueling hours, while Taiwanese workers navigate life in the desert, far from Taiwan’s dense, bustling cities. Outside, the community is adapting. Taiwanese entrepreneurs are opening businesses, from bubble tea cafes to Asian grocery stores, while local churches and organizations help new arrivals learn English and settle in.

“It all happened so quickly,” says Wen Chang, a restaurateur who moved to Arizona to serve the growing community. His Taiwan Bistro, just minutes from the plant, delivers boxed lunches to workers and hosts karaoke nights where Taiwanese engineers introduce American colleagues to dishes like three cup chicken.

For many families, the move offers opportunity but also challenges. Spouses often give up careers, struggling with visas and language barriers. Some, like Kate Yu, turn to entrepreneurship. A former computer engineer, Yu now runs Taiwan Mama, a popular cafe serving braised pork belly and milk tea. “When we came here, we didn’t know what to do,” Yu says. “Cooking gave us comfort.”

Despite the challenges, Taiwanese families are finding their footing. Children join baseball teams and celebrate Lunar New Year at school. Families buy homes with palm trees and backyard pools, blending their heritage with a quintessential American dream.

“This is what we want from America,” says Wang, reflecting on her new life in Arizona. Whether they stay for good or return home, these families are reshaping the desert into something distinctly their own.

THE GRIND FACTORY ⚙️

UNIQUELY INTERESTING

💡 Epiphany Moments

At midnight on New Year’s Eve, the world sings Auld Lang Syne, often with more heart than harmony. But where did this nostalgic anthem come from?

The phrase Auld Lang Syne translates to “old long since” or, loosely, “for old times’ sake.” It’s a toast to friendships and memories. The song’s roots trace back to Scottish poet Robert Burns, who wrote it down in 1788, claiming he’d heard it from an old man. Its melody comes from traditional Scottish folk music, ensuring its sentimental charm.

Fast forward to the 1920s, Canadian bandleader Guy Lombardo turned it into a New Year’s staple. His orchestra played it every December 31 during radio broadcasts, and by 1929, it became the song for ringing in the new year.

Its magic s in its Simplicity. Auld Lang Syne is a global reminder to cherish the past while welcoming the future. So when the clock strikes twelve, and you belt it out with linked arms, you’re not just singing, you’re part of a centuries old tradition. Cheers to that 🥂 

 🍎 One Smart Apple

Kay Jewelers began in 1916 when two brothers, Sol and Edmund Kaufmann, opened a quirky little shop in Reading, Pennsylvania. Back then, Kay sold more than jewelry, think eyeglasses, radios, and even silverware. But diamonds, as it turns out, really are forever, and the brothers soon pivoted to focus exclusively on fine jewelry.

Fast forward, Kay grew into a national darling for engagement rings 💎 and sparkly sentimentality, powered by its catchy slogan, “Every kiss begins with Kay.” In 1987, it joined the Signet Jewelers family, leveling up into a jewelry giant. Now, with stores everywhere and a thriving online shop, Kay remains America’s go to for marking life’s big moments, one kiss (and diamond) at a time. 🍏 

 HEALTH & LONGEVITY •ᴗ•

Two Life Anchors That Support Longevity

The two most important components of achieving longevity are physical health and mental well being. To successfully achieve your goals of attaining longevity place these two lifestyle components at the top of the priority list.

1. Physical Health: Consistent exercise, a balanced diet rich in whole foods, adequate sleep, and preventive healthcare are essential. These habits reduce chronic diseases, improve cardiovascular health, and support the body’s resilience over time.

2. Mental Well-Being: Stress management, meaningful social connections, and a sense of purpose are critical. A positive mindset and emotional health significantly influence longevity, as they help reduce stress related illnesses and improve overall quality of life.

Together, these components create a balanced foundation for a longer, healthier, more enjoyable life.

 HAPPY NEW YEAR 💋

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