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Good afternoon. Here’s what you should know today, Nov. 10: |
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- The GOP will likely claim the House, but Senate control remains a question
- Divers found a piece of the Challenger space shuttle
- “Alexa, say, ‘Uh-oh”
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| Consumers have seen higher prices for products on store shelves as inflation has surged. PHOTO: RICHARD B. LEVINE/ZUMA PRESS |
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1. Inflation eased in October from nearly a four-decade high, sending U.S. stocks soaring. |
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🎥 Why Inflation Has Lasted for So Long (Watch) Home Buyers Get Creative With Cash Deals to Fend Off High Mortgage Rates (Read) Regulators Look to Lessen Treasury Market Reliance on Big Bank Dealers (Read) American Luxury Brands Just Keep Raising Prices (Read) |
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2. Republicans inched closer to their expected House majority, and which party will control the Senate isn’t decided. |
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The country might not know for days who will call the shots in Congress. With dozens of House races outstanding, the GOP’s forecasted gains narrowed significantly. Arizona and Nevada continued to tabulate Senate ballots. Some analysts predicted Democratic candidates would win those races, giving the party 50 seats heading into a Dec. 6 runoff in Georgia. |
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Why We Still Don’t Know Which Party Won Control of the House and Senate (Read) Georgia Gov. Brian Kemp’s Re-Election Overcame Attacks From Democrats and Trump (Read) Election Will Influence Tech Policy on the Margins (Read) |
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3. FTX lent billions of dollars worth of customer assets to fund its affiliated trading firm’s risky bets, setting the stage for its downfall, a person familiar with the matter said. |
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Chief Executive Sam Bankman-Fried said in investor meetings this week that Alameda Research owes the crypto exchange about $10 billion. FTX declined to comment. In a series of tweets today, Bankman-Fried said Alameda is winding down trading. Yesterday, Binance, the world’s largest crypto exchange, decided not to go ahead with a nonbinding rescue offer for its rival. |
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Silicon Valley Poured Money Into FTX, With Few Strings Attached (Read) 🎧 Why Bitcoin Plummeted When a Binance-FTX Deal Collapsed (Listen) |
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4. Amazon considers changes at Alexa and other unprofitable units as part of a broad cost-cutting review. |
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The smart-speaker business has more than 10,000 employees and is a major recipient of investment capital, according to people familiar with the matter. In some recent years Amazon’s devices unit, which includes Alexa, had an operating loss of more than $5 billion a year, according to internal documents seen by The Wall Street Journal. The frugal approach is a contrast to the company’s tremendous expansion during the pandemic. |
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How Many People Are Watching Amazon’s ‘Thursday Night Football’? That Is Up for Debate (Read) Apple Supply Crunch on Premium iPhone Threatens to Derail Record Sales Run (Read) Twitter’s Moderation Boss Is an Unlikely Ally of Elon Musk (Read) Layoffs Aren’t a Good Look for Big Tech’s Growth Story (Read) |
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5. Gabon is launching the world’s biggest sale of carbon-offset credits. |
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The offering of 90 million credits—nearly the total of similar credits issued last year—could bring in billions of dollars and upend the fast-growing market for carbon credits. The African nation is one of the most densely forested on earth; trees pull carbon dioxide from the atmosphere, reducing greenhouse gases. Gabon’s move comes as countries from Indonesia to India attempt to snag the potential revenue generated by emissions-reduction activities within their borders. Meanwhile, President Biden is set to arrive tomorrow at the U.N. climate conference in Egypt. (On Monday, he’s scheduled to meet Chinese leader Xi Jinping in Indonesia for the first face-to-face talk since he took office.) |
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New Technology Lets Farmers Use Land for Both Solar Panels and Crops (Read) |
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📰 Enjoying this newsletter? Get more from WSJ and support our journalism by subscribing today with this special offer. |
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See which direction prices are going with the Wall Street Journal’s inflation tracker, which keeps tabs on common items that many Americans buy monthly. |
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