Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
The cookie-cutter neighbourhood is an iconic American symbol of suburbia — the architecture is uniform, the lawns manicured, the colours drawn from the same palette.
As part of an editorial series focused on “The Death of Suburbia,” Business Insider took a look at the American cultural revolution that’s killing these cookie-cutter homes. Here are some other highlights from the series:
- The American suburbs as we know them are dying
- Americans could be killing the McMansion for good
- Dying shopping malls are wreaking havoc on suburban America
- The shopping mall apocalypse is creating a $US48 billion disaster on Wall Street
- Applebee’s, TGI Fridays, and Chilli’s are trying to claw their way out of a restaurant death trap
- Millennials are forcing America’s largest corporations to kill traditional suburban office parks
- These eerie photos of deserted golf courses reveal a new normal in America
Back on Wall Street, a $US77 billion investment firm joined forces with Microsoft, and it hints at where investing is headed. A brutal chart shows how investors have been failed by hedge funds. And the statue of a defiant girl in front of the Wall Street bull is now wearing a series of “pussy hats.”
In markets news, The Fed is about to cause a bond market “bloodbath,” according to Albert Edwards. “Our highly levered financial system is like a truckload of nitro glycerin on a bumpy road,” according to Bill Gross.
And for one glorious moment, business TV perfectly captured what’s going on in markets right now, according to Business Insider’s Linette Lopez.
The largest onshore oil discovery in America for at least 30 years just happened in Alaska. And the price of oil just dived below $US50 for the first time in 2017.
In economics news, Donald Trump and Janet Yellen have very different ideas about the job market. And Treasury Secretary Steve Mnuchin sent a letter to House Speaker Paul Ryan asking him to raise the debt ceiling.
In tech, Facebook would “love” to acquire Snap if shares drop to $US14, according to one analyst. Traders are paying “extortionate fees” to short Snapchat. And a Wall Street firm is comparing Tesla to Apple, Netflix, and Amazon — but it couldn’t be more wrong.
Uber says it will stop targeting city officials with “Greyball,” the secret tool it used to deceive regulators. Travis Kalanick needs to hire Sheryl Sandberg to save Uber, according to Business Insider’s Matt DeBord.
Airbnb just raised a massive $US1 billion funding round that values the company at around $US31 billion
Lastly, Qatar Airways’ swanky new seats will revolutionise business travel.
Here are the top Wall Street headlines from the past 24 hours.
Akzo Nobel rejects $US22 billion PPG bid – Dutch paints and coatings maker Akzo Nobel rejected a 21 billion euro ($US22 billion) bid from larger US rival PPG Industries on Thursday, saying instead it wanted to “unlock value” by spinning off its chemicals business.
New York’s rental market is entering a “slow grind” – New York City’s rental market is on track to continue cooling through the rest of the year, especially in the oversupplied luxury segment.
AIG’s CEO is resigning over a year after Carl Icahn called for a breakup of the company – American International Group said on Thursday Chief Executive Peter Hancock plans to step down, a move that comes more than a year after billionaire investor Carl Icahn called for a breakup of the company.
The maker of La Croix is on pace for a ‘record-setting year’ after a blowout quarter – Shares of National Beverage Corp., the maker of sparkling water La Croix, surged almost 5% in early trading on Thursday after reporting blowout earnings.
The company that bought RadioShack files for bankruptcy protection – General Wireless Operations, which acquired the RadioShack brand in 2015, said on Wednesday it has filed for bankruptcy protection.
Morgan Stanley thinks Tesla will ramp Model 3 production much slower than expected – Tesla CEO Elon Musk has set the ambitious target of delivering 500,000 vehicles annually by 2018. In 2016, the company delivered less than 80,000.
The head of HR at a top Wall Street bank explains what she looks for in new hires – Many people think you have to be a “Yes Man” to get ahead on Wall Street. But that’s not the type of person Liz Lieberman wants working at her bank.
One of Wall Street’s favourite clothing companies is having a big sale this week – Regardless of his place on the corporate ladder, there are some pieces every businessman should have in his closet.