California Dreamforce, Autoworkers Strike: Your Saturday US Briefing | Financial Post

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(Bloomberg) — Hiya from San Francisco, which simply bought a lift from an estimated 43,000 Dreamforce conventioneers hosted by Salesforce CEO and hometown billionaire Marc Benioff. Town was noticeably spruced up and the hope is that extra corporations will take into account staging their massive conferences right here. Convention spending stays far beneath pandemic ranges — simply $587 million in 2022 in contrast with nearly $2 billion in 2019, in accordance with the San Francisco Journey Affiliation. 

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Steve Case may not be visiting SF anytime quickly. If the billionaire co-founder of media large AOL had his means, extra tech corporations would base their headquarters away from Silicon Valley and conventional enterprise capital facilities like New York and Boston. Whereas a number of massive corporations have relocated to Texas, the startup scene has been much less acknowledged in locations like Dallas, stated Case, who has invested in additional than 200 corporations nationwide by his firm Revolution.The S&P 500 had a lackluster week, slipping 0.2% to shut at 4,450. It’s nonetheless round 16% increased within the year-to-date, in contrast to the Dow Jones Industrial Common, which has gained an anemic 4.4%. The S&P has benefited from the tech sector’s all-consuming power, however past a small corps of AI winners, massive swaths of the market stay unconvinced the US economic system goes anyplace.  

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It’s not simply the makers of weight-loss medicine like Ozempic which can be benefitting from the drugs’ surge in recognition. Syringe makers and drug distributors are among the many winners from the increase. Right here’s a inventory investor’s information to the alternatives.  

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The United Auto Employees  started a strike towards the Massive Three carmakers, an unprecedented transfer that might launch a pricey and protracted showdown over wages and job safety. After exchanging harsh phrases on the primary day of the walkout, the 2 sides can be again to the bargaining desk at this time. The union has about 150,000 members at GM, Ford and Stellantis, they usually desire a share of  the large improve in company income since their final contract was signed.  GM CEO Mary Barra stated her firm’s newest supply — 20% raises over 4 years, cost-of-living allowances and boosts to current pensioners — was one of the best in its 115-year historical past. “I’m extraordinarily dissatisfied and pissed off,” Barra stated Friday. “This can be a strike that didn’t have to occur.”

Oil bigwigs together with Exxon’s CEO and the Saudi power minister are getting collectively in Calgary to hash out the business’s future. There’s a lot at stake. The assembly’s theme, “Vitality Transition: The Path to Web Zero,” will in all probability get some pushback from executives involved concerning the safety of worldwide power provides who need to improve oil drilling. Nonetheless, conserving power reasonably priced and shareholders pleased needn’t come on the expense of the surroundings, says Richard Masson, chair of the World Petroleum Council in Canada and one of many organizers of this 12 months’s assembly. 

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There’s a UN Basic Meeting assembly in New York subsequent week, although you’d be laborious pressed to discover a theme members may rally behind. Hardly ever has the group appeared so helpless to deal with essentially the most urgent world points. Many international locations are beginning to look elsewhere to do one thing about it, Bloomberg’s  Iain Marlow writes.

Costs of luxurious condos on New York Metropolis’s Billionaires’ Row have fallen, however you may not need to name the movers simply but. A penthouse alongside Central Park that listed for $250 million will be yours at a 22% low cost, whereas a duplex within the identical constructing had its value reduce 15% to $149.5 million. Houses with “aspirational pricing” usually promote for even much less, stated Jonathan Miller, president of appraiser Miller Samuel Inc. Many have discovered patrons when sellers had been prepared to just accept value cuts of round 60% to 70% of their unique asking value, he stated.  

And on that observe, get pleasure from the remainder of your Saturday. We’ll be again tomorrow with a look-ahead to the approaching week.

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