CNN BUSINESS | Why the Fed is about to stop the party on Wall Street

Traders at the New York Stock Exchange in August.

New York (CNN Business) – It’s basically official at this point: The Federal Reserve will soon wind down its pandemic-era stimulus measures, a process Wall Street nerds call “tapering.” But what, exactly, does that mean? And why does it put investors on edge?

The short answer: Money is essentially free now, thanks to the Fed’s double-barrel shotgun approach to economic stimulus — interest rates near zero and a massive investment in bonds that keeps yields near rock-bottom. If the Fed eases off the stimulus pedal, borrowing could grow more expensive, making businesses pay more, which means less profit which means Wall Street is sad.  —read more— 

F1 | QUALIFYING: Verstappen denies Russell shock pole in dramatic wet qualifying session at Spa

Max Verstappen pumped in a sensational lap in wet conditions to take pole for the Belgian Grand Prix, usurping George Russell after the Williams delivered the performance of his life to secure a shock front row start.

It was Russell who looked to have mastered a sodden but drying Spa-Francorchamps circuit, the Williams driver building confidence through the session to set purple sectors across the board to take provisional pole at the flag.

But title contenders Lewis Hamilton and Verstappen were still on laps, with Hamilton going purple in the second sector, but losing a bit of ground in the final sector to miss out by just 0.013s.  —read more— 

watch: Qualifying Highlights | 2021 Belgian Grand Prix

CNN health | The benefits of owning a dog — and the surprising science behind it

(CNN) – If you have a dog and tell them it’s National Dog Day, I suspect they will reply: “I thought everyday was dog day! Now where’s my treat?”

As they woof that down, take a moment to reflect on all that your dog brings to you. Perhaps it is you, dear owner, who is getting the treat — the gift of good health.  —read more—

CNN | Body camera footage shows 2019 beating of Black man by Louisiana state police officer

(CNN) – A Louisiana State Police trooper was captured on video repeatedly beating a Black motorist with a flashlight more than two years ago, according to body camera footage of the incident obtained by CNN — the latest footage linked to a state police division that is under investigation for possible systemic abuses against Black motorists.

Seven minutes of footage from the officer’s body-worn camera from the May 2019 incident was recently turned over to attorneys for the motorist, Aaron Larry Bowman, pursuant to a court order last week. CNN obtained a copy of that video Wednesday from Bowman’s attorneys.

The trooper in the video, Jacob Brown, was charged in December with aggravated second-degree battery and malfeasance in office. He has not entered a plea. State prosecutors said that case remains on hold as federal investigators are conducting their own investigation into Brown’s actions.–read more— 

CNN BUSINESS | Companies are hoarding cash as the Delta variant takes over the globe

New York (CNN Business) – Apple, Google and other big companies around the world are continuing to add to their massive piles of cash, a sign that corporations are increasingly nervous about how the highly contagious Delta variant of Covid-19 could damage the global economy.

The world’s largest nonfinancial companies had a record $6.85 trillion in cash on their balance sheets as of the end of the second quarter, according to data from S&P Global Ratings. (Banks and other financial firms are usually excluded from corporate cash lists because they are required to hold a lot of money in cash due to the nature of their daily business operations.)

The second-quarter totals are up slightly from the end of 2020. Gareth Williams, global head of corporate research for S&P Global Ratings, estimates that the cash level could hit $7.1 trillion by year’s end.  —read more—

CNN style Fashion | 20 years after her death, Aaliyah’s style still reigns

Aaliyah wearing a yellow zebra-print Roberto Cavalli gown as she won Best Female Video and Best Video from a Film at the MTV Video Music Awards in 2000 for “Try Again.”George De Sota/Hulton Archive/Getty Images

Aaliyah’s velvety smooth vocals redefined R&B in the 1990s, and her sporty, edgy style celebrated individuality in a decade that saw the rise of matchy-matchy pop groups.

During her all-too-short career, the singer and actress — full name Aaliyah Dana Haughton — epitomized the era’s street style in Tommy Hilfiger crop tops, low-slung baggy pants and utility jumpsuits. But she also mixed in darker, futuristic undertones, with glossy vinyl jackets and pants, wide chokers and black lipstick. (She even went full vampire for the 2002 gothic horror movie “Queen of the Damned,” donning regal headgear and an intricate, high-collared chest piece while ripping out a still-beating heart.)

With Wednesday marking 20 years since her death, some of Aaliyah’s discography, long absent from streaming services, has finally arrived on platforms Spotify and Apple Music amid an ongoing fight to control her legacy. And with a 1990s and Y2K fashion revival currently underway, now is also an opportune time to revisit her style legacy.  —read more— 

CNN BUSINESS | Airbnb says it will host 20,000 Afghan refugees

London (CNN Business) – Airbnb has pledged to provide free housing for 20,000 Afghan refugees.

CEO Brian Chesky said Tuesday that the program would begin immediately, and that Airbnb would pay for the stays.

“The displacement and resettlement of Afghan refugees in the US and elsewhere is one of the biggest humanitarian crises of our time. We feel a responsibility to step up,” Chesky said in a series of posts on Twitter.

Chesky said the company would work closely with NGOs and its nonprofit arm, Airbnb.org, which provides housing to people in need following natural disasters and other crises.  —read more—

CNN BUSINESS | Kroger’s stock is at a record high. It looks overripe

New York (CNN Business)Amazon, Walmart and Target have stepped up their games in the grocery business. So it may come as a surprise that shares of traditional supermarket chain Kroger are up nearly 50% this year and trading at an all-time high.

Kroger (KR), like other food retailers, has been a major beneficiary of the work-from-home Covid-19 economy of the past year and a half. The supermarket giant, in addition to its namesake chain, also owns Dillons, Fred Meyer, Harris Teeter, Ralphs and numerous other regional grocers.

But Kroger faces many challenges in addition to big competitors like Amazon (AMZN), Walmart (WMT) and Target (TGT), including Albertsons, which owns Safeway, as well as European discount giants Aldi and Ahold Delhaize (ADRNY), the parent company of Stop & Shop.  —read more—

CNN style Arts | Josephine Baker will be the first Black woman buried at the Panthéon in Paris

Legendary Black entertainer Josephine Baker is set to become the first Black woman to have her remains buried in the Panthéon monument in Paris — one of the highest honors in France.

French president Emmanuel Macron made the announcement on Monday, writing that Baker “held high the motto of the French Republic.”

In a statement released the same day, the Élysée Palace wrote that Baker was the embodiment of the French spirit, though she was born American.

“World-renowned music hall artist, committed to the Resistance, tireless anti-racist activist, she was involved in all the fights that bring together citizens of good will, in France and around the world,” the palace wrote.  —read more—

CNN style Luxury | Beyoncé becomes first Black woman to wear iconic Tiffany Diamond

Beyoncé has made fashion history as the first Black woman to wear the iconic 128.54 carat Tiffany Diamond.

The Grammy-winning performer wears the stunning piece of jewelry, which features one of the world’s largest yellow diamonds, as she and her rapper husband Jay-Z become the faces of Tiffany & Co’s new “About Love” campaign.

“Love is the diamond that the jewelry and art decorate,” the power couple said in a press release on Monday.

The Tiffany Diamond was originally unearthed in South Africa in 1877.  —read more—