Axios

Climate change is set to cause a 4.7-fold surge in heat-related deaths by mid-century if government inaction on global warming continues, a report published Tuesday found.

The big picture: The world is on track for 2.7°C (4.86°F) of heating by 2100 unless swift action is taken to lower emissions, according to the annual Lancet Countdown on Health and Climate Change report.

Auctioneers sold a 1962 Ferrari 330 LM/250 GTO for $51.7 million on Monday, underscoring the model's preeminent status in car collectorship, Nathan writes.

Why it matters: The Sotheby's sale makes it the second most ever fetched for a car at public auction, according to classic-car company Hagerty.

• "The Ferrari GTO continues to be the crown jewel in any world-class car collection," Hagerty VP of automotive intelligence Brian Rabold said in an email.

Zoom in: Originally developed for the 1962 race season, the GTO had a top speed of 174 mph when it debuted.

The new ESPN-branded sports betting service is launching today, but the self-proclaimed "worldwide leader in sports" has a long way to go to become a worldwide leader in gambling.

Why it matters: Five years after the Supreme Court allowed states to legalize sports betting, Americans are expected to wager about $130 billion on sports in 2023, according to research firm Insider Intelligence.

Step aside, Max. There's a new popular male dog name in town: Charlie.

What's happening: After 10 years, Max has been dethroned as the most popular male dog name, according to Rover's user-submitted pet name database.

Consumers haven't completely turned their back on cryptocurrency as an asset class, but offerings from familiar brands help them feel more confident.

Driving the news: A new report based on a survey of 3,000 consumers in the U.S., United Kingdom, Brazil and Australia found a strong preference for trusted brands as purveyors of cryptocurrency offerings.

The tentative agreement the Hollywood actors' union reached last week with movie studios goes further in outlining specific AI compensation requirements than agreements Hollywood writers 'and directors' unions won earlier this year.

Why it matters: Actors face a different type of existential threat from AI than some of their Hollywood peers.

When markets are primed for good news, it pays to be a bit more discerning.

Driving the news: Some crypto investors got taken for a ride Monday when a person impersonated asset management giant BlackRock in an official state filings database, which catalyzed a brief pop in the XRP coin.

The Federal Reserve's top bank cop, Michael Barr, defended a new proposal by regulators to tighten capital rules for banks — but left the door open for changes in response to criticism before the rules are finalized next year.

Why it matters: The banking industry and many Republicans in Congress have mobilized against the new rules. Opponents say they will constrain lending, hurting lower-income borrowers and small businesses, while proponents say they will make banks safer and avert banking sector crises.

The Guardian expects to make $33 million in digital reader revenue in the U.S. for its fiscal 2023/2024 year — a new record. That money will make up roughly 57% of its total U.S. business, executives told Axios, helping to offset a slowdown in the ad market.

Why it matters: Investments in U.S. products and headcount are paying off for the British newspaper. U.S. reader revenue will account for roughly one-third of all digital reader revenue globally this year.

San Francisco-based Oyster Ventures said it is in the process of removing firm co-founder Kenneth Ballenegger after he tweeted that all Palestinians should be sterilized.

Driving the news: The decision came after social media outrage at Ballenegger, who doubled down on his racist remarks before making his X account private.

Swiss commodities giant Glencore on Tuesday has agreed to buy a majority stake in the coal unit of Canada's Teck Resources for $6.93 billion, months after its $22.5 billion takeover offer for all of Teck was rejected.

The big picture: This is an acquisition for the sake of divestiture, as Glencore within two years plans to spin off its entire coal business via a listing on the NYSE.

Media companies are cutting their workforces as volatility in the ad market persists for premium publishers.

Why it matters: Amid high interest rates and investor skepticism, media companies can no longer rely on raising short-term capital to insulate them from ad declines.

Cox Enterprises named Craig Hodges as senior vice president of corporate affairs, Axios has learned.

Why it matters: Hodges will help advance the corporate narrative of the family-owned conglomerate, which touches everything from automotive e-commerce, to telecommunications and media.

The Consumer Price Index was flat in October, helped by a drop in gasoline prices, the Labor Department said Tuesday.

Why it matters: Inflation pressures cooled last month — the freshest sign that easing is happening alongside a still-solid U.S. economy.

Bonuses for 2023 are expected to be down or flat across much of the finance industry compared with last year, according to projections released Tuesday morning.

Why it matters: It's the second year of declining bonuses on Wall Street, though this year's projections look far less catastrophic than 2022's.

JPMorgan Chase CEO Jamie Dimon has been talking privately with GOP presidential candidate Nikki Haley about the global economy, and believes she has the potential to bring the country together, a top banking source tells Axios.

Why it matters: Dimon's informal phone conversations are a vivid sign of the growing establishment enthusiasm for Haley, the former UN ambassador and South Carolina governor.

Carmakers are lining their electric vehicles with trash — literally — and hoping sparse, eco-friendly cabins will redefine luxury for a new generation of buyers.

Why it matters: Turning recycled denim, fishing nets and plastic bottles — or even mushroom roots — into automotive cockpits may help the industry reduce its carbon footprint.

Editor's note: The story, headline and URL have been corrected to show Truth Social recorded an operating loss of $35 million (not $73 million) since its inception. It was also updated to include additional context on the SEC's investigation into the potential merger between DWAC and TMTG, including that a settlement had been reached.

Former President Trump's social media platform Truth Social reported an operating loss of over $35 million since its inception in early 2021, according to an SEC filing on Monday.

Why it matters: This is the first public financial disclosure for Truth Social, which has been seeking for more than two years to go public via a blank-check company called Digital World Acquisition Corp.

Disney's latest superhero flick, "The Marvels," brought in around $47 million at the domestic box office in its weekend debut, according to Comscore — marking the worst domestic weekend debut in Marvel franchise history.

Why it matters: The film's poor performance is yet another sign of super hero and comic book fatigue hitting theater-goers as pressure for profits increases at major entertainment companies.

A former Fox News reporter is suing the network for allegedly firing him in retaliation for opposing their "false coverage of the January 6th insurrection" was moved to federal court Monday.

Driving the news: Jason Donner, who worked for the network for 12 years before he was terminated in September 2022, alleges he was let go because of his political views and "his refusal to report false information" about the2020 election and the Capitol riot, per the suit.