Spooky Season
Thursday, October 31st, 2024
World Events and Politics — The Labour Party’s Budget
Reuters
Rachel Reeves, the finance minister of Britain, presented the Labour party's first budget in 14 years. She revealed plans for £40 billion ($52 billion) in tax increases, which includes a rise in employers' national insurance contributions by 1.2 percentage points to 15%. Additionally, the government will enhance public investment by over £100 billion over the next five years, focusing on increased spending for transport, education, and healthcare.
Science and Tech — Climate Catastrophe Hits Spain
NPR
Flash floods in Spain have resulted in the deaths of at least 95 individuals. Over 1,000 troops have been mobilized to assist with rescue efforts following severe flooding that impacted the Valencia region and other areas. In some southeastern regions, a year's worth of rainfall fell within just eight hours. Prime Minister Pedro Sanchez has announced three days of national mourning in response to the tragedy.
Business and Finance — GDP Data and Big Tech Earnings From Meta and Microsoft
The U.S. economy expanded at an annualized rate of 2.8% in the third quarter ending in September, slightly below analysts' expectations of 3%. The Bureau of Economic Analysis attributed this growth to robust consumer spending and increased exports. Additionally, data expected to be released on Thursday is likely to indicate a decrease in inflation. Overall, the American economy has significantly outperformed other wealthy nations.
The eurozone's economy grew by 0.4% in the third quarter ending in September, surpassing analysts' expectations of 0.2%. Economic growth in the region has been slow this year, particularly due to a struggling German economy. However, Germany's economy unexpectedly expanded by 0.2% in the third quarter, recovering from a 0.3% decline in the previous quarter.
Mark Zuckerberg
Meta has rapidly expanded its data center and computing infrastructure for artificial intelligence, surprising even CEO Mark Zuckerberg. Following better-than-expected third-quarter results, the company raised its 2024 capital expenditure guidance from $37 billion to $38 billion, indicating higher anticipated costs associated with this expansion. Despite this positive financial performance, Meta's stock dipped after hours due to concerns over weaker-than-expected user growth and rising expenses. Zuckerberg praised his team for effectively increasing the computing capacity needed for AI projects, such as the Llama language models. However, he acknowledged investor worries about potential overinvestment in infrastructure without immediate returns, emphasizing the importance of continued investment to capitalize on significant future opportunities.
Microsoft reported a 16% revenue growth in its fiscal first quarter, exceeding analysts' expectations, with cloud services revenue from Azure rising by 33%. However, the company's guidance for future revenue growth fell short of forecasts, leading to a 4% drop in stock price during after-hours trading. Microsoft achieved earnings per share of $3.30 against an expected $3.10, with total revenue reaching $65.59 billion compared to the anticipated $64.51 billion. Despite strong performance, challenges such as delays in data center infrastructure delivery may hinder meeting demand in the upcoming quarter. CEO Satya Nadella expressed optimism about aligning supply and demand in the latter half of the fiscal year, while the company continues to invest heavily in AI infrastructure and chip spending to support its growth initiatives.
Health and Wellness — How Many Hours Do Elite Athletes Sleep?
The Conversation
Elite athletes typically require about 8.3 hours of sleep to feel rested, according to a study that assessed the sleep needs and habits of 175 athletes across various sports. However, the average sleep duration reported was only 6.7 hours, resulting in a significant sleep deficit for most, with 71% of athletes falling short of their self-assessed needs by an hour or more. This discrepancy highlights the challenges elite athletes face in achieving adequate rest, which is crucial for optimal performance and recovery. The findings suggest that insufficient sleep may negatively impact their training effectiveness and competitive readiness, emphasizing the importance of prioritizing sleep in athletic training regimens.
Baking — Black Magic Cake
For your Halloween Party that I know you will be throwing this weekend
Food Networks
Song Recommendation — Linger by The Cranberries
Quote of the Day
“Who controls the past controls the future. Who controls the present control the past.” — George Orwell
Happy Halloween. Not sure if Americano is still popular in town. Maybe a Latte or a London Fog?