Why it matters: The real estate sector is taking major bankruptcies and digital disruption in stride, while rising interest rates are limiting new construction.
Taylor Swift's Eras Tour stop on the big screen is here and bringing her sold-out concert to movie theaters nationwide. Bonus: Singing, dancing and selfies are encouraged.
Ford executives said Thursday that they're not prepared to offer more economic value to the United Auto Workers union in contract talks.
Why it matters: About four weeks into the strike, the UAW on Wednesday shut down another Ford facility — this time the company's sprawling Kentucky truck factory, which reaps more revenue than Southwest Airlines.
The U.S. commodities regulator has sued the former chief executive of crypto lender Voyager Digital for fraud.
Why it matters: The Commodity Futures Trading Commission today alleged that Stephen Ehrlich "fraudulently solicited participation in and operated" Voyager in a way that led to its bankruptcy in July 2022, owing U.S. customers over $1.7 billion.
Anyone can relate to having a terrible ex, the one with the dimples and all the red flags.
Driving the news:Caroline Ellison is driving that story home at the trial of her ex-boyfriend and former boss Sam Bankman Fried, facing the possibility of her own 110-year prison sentence after pleading guilty to seven counts of fraud and conspiracy.
Unproductive investments a few years back led to the biotechnology sector's current bleak capital market, Stephen Berenson, managing partner at Flagship Pioneering, told Dan Primack at Axios BFD Thursday.
The big picture: A string of late-stage trial failures around 2021 contributed to the public market's current skepticism of biotech, he said. And that poor market outlook is likely to continue for a while.
Context: The IPO market for biotech fell 93% in 2022 from the year prior, according to EY.
What he said: "Companies are going to run out of money unless they're able to prove their value propositions to some constituency, whether it's investors, pharma, merger partners, you name it," said Berenson, a board member for Moderna.
Yes, but: Biotech companies can't let failures stop them from innovating, he said.
When a company fails a trial "you have to grieve for a couple of minutes. But if you're grieving for much longer, you're not doing your job," Berenson said.
"The way you construct your companies — it can be done in a way where you are exposed to binary outcomes, 0r you have a platform which creates many opportunities actually to win," he added.
OnlyFans CEO Keily Blair said at the Axios BFD conference in New York that her company's goal is to "change the internet," in part by inverting existing business models.
Why it matters: Blair noted that the U.K-based site, which is known for its adult content, offers streaming content (such as stand-up comedy) for free, while making users pay for social media content. "We don't have to accept the way that things are structured at the moment," she said. "There are alternative business models out there that can be successful."
Cava chairman Ron Shaich said his company has what it takes to be a public company and took a jab at Sweetgreen, during Thursday's Axios BFD event.
The big picture: Shaich is arguably the creator of fast-casual dining, having founded and led Panera until its $7.5 billion acquisition by JAB in 2017.
Alameda Research, the defunct trading firm that launched the crypto exchange FTX, was using billions of dollars of customer funds even before 2022's interlocking solvency crisis at both firms.
Why it matters: Today's testimony from Alameda's former CEO directly contradicted past statements by the FTX founder, Sam Bankman-Fried, that FTX customer deposits are never reinvested.
CBS News CEO Wendy McMahon says the network has sifted through more than 1,000 videos of the Israel-Hamas war — and only 10% are usable.
Why it matters: "There are many reasons why, but some of those reasons are directly tied to misinformation. They absolutely are," McMahon told Axios' Sara Fischer at the Axios BFD in New York on Thursday.
Prices paid by consumers climbed more than expected in September, according to new Consumer Price Index (CPI) data released on Thursday.
Why it matters: Soaring yields have tightened financial conditions, helping to accomplish the Federal Reserve's goal of taking some steam out of the economy, amid a growing debate about whether the Fed needs to continue hiking interest rates.
Nobody ever said getting inflation down from its recent highs of 9% to something more tolerable would be easy. September's Consumer Price Index, reported Thursday morning, confirms that this particular dragon still has some life left in it.
Driving the news: The Consumer Price Index rose 0.4% in September, a tick higher than analysts had expected. Core CPI, excluding food and energy, was up 0.3%.
Year-on-year inflation was stable at 3.7%, while core inflation fell to 4.1%, from 4.3%.
The Biden administration aims to promote "a different set of goals" with its trade policy, with an emphasis on engagement and supply chain resilience, U.S. Trade Ambassador Katherine Tai said at Thursday's Axios BFD.
Driving the news: Protectionism and widening geopolitical conflicts — such as this weekend's attack on Israel from forces within Gaza — are fracturing alliances and putting new strains on the post-pandemic global economy.
Axios BFD returned to New York to bring you exclusive conversations with industry leaders who are driving headlines, markets and the most consequential deals of the year.
Blackstone Group sees trouble in the office sector and opportunities in the professional sports arena, the company's President Jonathan Gray tells Axios, adding that there are no plans in place for any changes to his current role.
Why it matters: Blackstone, the world's largest alternative asset manager, with $1 trillion in AUM, has investments stretched across wide swaths of the global economy and Gray is bullish about what lies ahead, despite macro headwinds.
Why it matters: Thecost of living adjustment that affects more than 71 million recipients of Social Security retirement and disability benefits is much smaller than in the last two years.
ExxonMobil's plan to buy shale heavyweight Pioneer Natural Resources in a mega-deal valued at roughly $65 billion including debt comes with several defining takeaways.
State of play: The all-stock deal would make Exxon by far the largest player in the Permian Basin, the country's most prolific oilfield, as Axios' Matt Phillipspoints out today.
Exxon Mobilemphasized plans to boost production as part of its blockbuster deal announced Wednesday that would make it the single biggest player in the strategically important U.S. Permian Basin.
Why it matters: Russia's war in Ukraine altered world energy markets, underscoring the importance of domestic production for the U.S.
There are early signs that companies are planning smaller raises for their employees in 2024.
Why it matters: This is obviously less than great news for workers, but it's another sign that inflation is cooling and the dreaded wage-price spiral didn't materialize as some had feared.
Driving the news: The jackpot is worth an estimated $1.76 billion with a cash value of $774.1 million. Both amounts grew from earlier estimates, per the Powerball website.
The United Auto Workers union expanded its strike action against Detroit Three automakers on Wednesday to include 8,700 members at the Ford Kentucky Truck Plant in a move the car giant denounced as "grossly irresponsible."
Why it matters: The union said in an online post that the surprise move marked a "new phase" in its action against Ford, General Motors and Stellantis as the strike nears its fourth week. Previous strike expansions "occurred at a deadline set in advance by the union," per the UAW.
The big picture: The naturalized citizen who immigrated from Turkey to the U.S. in 1978 would be a long shot, but he said on his show that Biden would not win the election.
Several CEOs are urging Harvard University to release the names of the people in the student organizations who signed a pro-Palestinian letter that criticized Israel.
Driving the news: Billionaire Bill Ackman, a hedge fund manager and Harvard alum, said in an online post Tuesday that he had been asked by "a number of CEOs" if Harvard would disclose the list of students in the groups that issued aletter that said it held "the Israeli regime entirely responsible for all unfolding violence."
