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Millennials really do have it bad—at least according to Credit Suisse. Its Global Wealth report says young workers are “not what one would call a lucky generation,” and will struggle more to build wealth and face greater wealth inequality than older adults, particularly in North America. Meanwhile, U.S. Treasury Secretary Steven Mnuchin stands behind the White House’s tax reform plan to cut corporate rates as a way of boosting the economy. Tell us again how trickle-down economics works?—Katie Robertson
Sessions says he forgot Russia-Trump connection but didn't lie. Attorney General Jeff Sessions told a House panel he never lied or misled Congress about contacts between Russia and Donald Trump’s presidential campaign, saying he simply forgot about a meeting that has emerged in the probe by Special Counsel Robert Mueller. At the meeting, former Trump advisor George Papadopoulos boasted of his Russian connections and said he could help arrange a meeting between Trump and Russian President Vladimir Putin.
The Plaza Hotel’s secret investor. Billionaire Saudi Prince Alwaleed bin Talal has long been associated with the iconic New York City property, ever since he bought out Trump over two decades ago. But now, with the Plaza up for grabs, another royal has emerged as a force who could shape the hotel’s future: Sheikh Hamad bin Jassim bin Jaber Al Thani, one of the most influential figures in Qatar.
Apple is working on a rear-facing 3-D sensor for the 2019 iPhone. CEO Tim Cook considers augmented reality to be potentially as revolutionary as the smartphone itself, and Apple is taking steps towards turning the handset into a leading AR device. The iPhone X already uses a front-facing 3-D sensor for Face ID, its facial-recognition and identification feature.
Venezuela is officially in default, but that’s meaningless to investors. For most bondholders, the declarations on Monday by S&P Global Ratings and Fitch Ratings only confirmed what they already know—the government and its state oil company are late on debt payments. What really matters to them is that officials insist they’ll make good on their obligations.
You may be renting your work clothes soon. Rent the Runway started out catering to women wanting one night of high fashion. Now, it’s doubling down on subscriptions for the whole work week, betting that shoppers will want to use the service for everyday wear, rather than just dress-up events. The company recently began offering a cheaper option, which lets subscribers rent four pieces of clothing per month for $89.
Is it too soon for narco-tourism? Travelers are streaming into Colombia seeking a real-life connection to the hit Netflix series Narcos, which depicts Pablo Escobar’s transformation from small-time dealer to billionaire drug lord. But many Colombians who lived through two brutal decades of bombings, assassinations, kidnappings, and drug-fueled corruption are upset to see a cold-blooded killer elevated to celebrity status.
Anthony Bourdain says you’re doing Thanksgiving wrong. Even the celebrity chef, who is seemingly immune to the criticism of others, feels pressure to pull off the most anticipated meal of the year. Here’s everything you’re doing wrong for the big day, including not preparing two separate turkeys, one for business and one for show. Naturally.
©2017 Bloomberg L.P.
With assistance from Editorial Board