The top 1% is pumping the brakes. Weak auction sales at this year’s Monterey Car Week is just the latest example of how spending at the top of the economic pyramid is shrinking. The total value of cars hammered last week came in at a paltry $245 million, a third less than last year, as many of the highest-priced cars went unsold. From high-end New York real estate, to fine art, to now, classic cars,…"Letter From Pebble Beach: What a Disappointing Classic Car Auction Tells us About the 1%—and the Economy"
Apple has had a relatively quiet summer so far in terms of product news, but in a few short weeks, you can expect plenty of action at Apple’s headquarters. This week, Bloomberg reported that Apple will introduce several new hardware updates this fall, including three new iPhones, at least two new iPads, and a 16-inch MacBook Pro. The news followed reports about Apple’s other planned products for the coming months, including how much its Apple…"Apple’s Quiet Summer Will Soon Give Way to New iPhones, Macs, and More"
You’d be hard-pressed to find a company more committed to using the so-called public cloud than Capital One. America’s seventh-biggest bank by revenue has spent years winding down its data centers—from eight in 2014 to zero planned by the end of 2020—and relying on the on-tap resources of <a href=”https://fortune.com/2019/08/22/amazon-bezos-silicon-valley-pentagon-defense/”>Amazon</a> Web Services for computing and data storage. But now, in the wake of a data breach affecting 106 million North Americans, people are questioning whether Capital…"After the Capital One Breach, Should Big Business Fear the Public Cloud?"
At the China Online Literature+ conference last week, Chinese search engine Sogou announced plans to create artificial intelligence-powered avatars that look and sound like two of the country’s most famous authors—taking the experience of listening to an audiobook to an entirely new level. The first authors to get the A.I. avatar treatment will be Yue Guan and Bu Xin Tian Shang Diao Xian Bing. But if the project is successful, it could be a jumping…"No Humans Needed: Chinese Company Uses AI to Read the News, Books"
(This is the web version of Data Sheet, Fortune’s daily newsletter on the top tech news. To get it in your inbox daily, sign up here.) Have you been following much of the coverage of the absolutely bonkers securities registration statement that WeWork filed for its initial public offering? I’ve included a few links during the week, but in case you missed it, some of the highlights are that the company leases and pays rent…"Inside the Bananas, Bonkers, and Unbelievable WeWork IPO Filing—Data Sheet"
General Electric Co. tumbled the most since 2008 after a prominent financial examiner working with a short seller accused the company of “accounting fraud.” GE Chief Executive Officer Larry Culp called the claims “market manipulation—pure and simple.” Harry Markopolos, who had raised concerns over investment manager Bernie Madoff before his fraud was exposed, said GE will need to increase its insurance reserves immediately by $18.5 billion in cash—plus an additional noncash charge of $10.5 billion…"GE’s Stock Plunged After Madoff Whistleblower Alleged “Accounting Fraud”"
GameStop eliminated more than 120 corporate staff positions, part of a drive by the video-game retailer to slash costs amid falling sales and a loss of customers to online spending. The cuts amount to 14% of the retailer’s headquarters posts, according to a statement Tuesday, and mark the latest retrenchment by the struggling video-game chain. “While these changes are difficult, they were necessary to reduce costs and better align the organization with our efforts to…"GameStop Eliminates 14% of Corporate Staff in Restructuring"
On Friday, the yield on a 30-year Treasury bond briefly dropped below 2% for the second time in history. The first was on Thursday. No big damage was evident, but some were reminded of an icy economic wind: the decades-long downward trend of 30-year bond yields. The 2% mark aside, the trend may be a sign of the end of the American Dream, predicated on the idea that ongoing growth will create social mobility and…"Plunge in 30-Year Treasury Bond Yields Spells the End of America’s Golden Age, to Some"
Protests in Hong Kong may cost the city’s stock exchange its biggest catch in years. Alibaba Group, China’s largest e-commerce group by market cap, has reportedly decided to postpone its $15 billion Hong Kong listing later this month, citing the current political and financial instability of the Special Administrative Region. According to Reuters, the decision to postpone Alibaba’s second listing was made during a board meeting convened ahead of the group’s quarterly earnings report last…"Amid Protests, Hong Kong’s Stock Exchange May Lose Chance at Alibaba Listing—Again"
Hackers attacked the European Central Bank, one of the chief cyber watchdogs for the European banking sector, with malicious code that forced bank authorities to close down one of its websites and alert the impacted parties. The hack targeted ECB’s BIRD (short for Banks’ Integrated Reporting Dictionary) website which is used to help member banks complete required supervisory and statistical reports. The compromised systems were discovered during routine maintenance, the ECB said in a statement…"Europe’s Cyber Watchdog for Banks Has a Little Problem—It Keeps Getting Hacked"