Issue 11
1 BP halts oil shipments through Red Sea
2 Google settles another antitrust lawsuit
3 Bankruptcies up 30% in US
4 OPINION: Ivy League acts like cartel
5 Historical chance of white Christmas
1997 Film Titanic premieres
1 BP halts oil shipments through Red Sea; US Navy forms task force
BP has become the first oil major to pause all shipments through the Red Sea, citing a “deteriorating security situation” because of escalating Yemeni rebel attacks on ships passing through the area. International oil prices have increased 6% this week. Approximately 30% of world container shipping that passes through Bab al-Mandab, a narrow strait between Africa and the Arabian peninsula now under attack by the Houthis. The U.S. has formed a naval task force to patrol the area. (FT, Economist, NYT)
2 Google settles another antitrust lawsuit
Google agreed to pay $700 million and make certain changes to its app store, settling one of several antitrust challenges to the search-engine company. The settlement resolves claims by a group of states that Google operated its app store, Google Play, as an illegal monopoly. This is a separate case from the Epic Games antitrust suit, which Google lost last week. (WSJ)
3 Bankruptcies up 30% in US companies
Corporate bankruptcies are increasing at double-digit rates in most advanced economies as borrowing costs rise and governments unwind pandemic-era measures to support business worth trillions of dollars. Following a decade of decline the number of US corporate bankruptcies rose 30 per cent in the 12 months to September compared with the year-ago period, according to courts data. (FT)
4 OPINION: Ivy League acts like cartel
the Ivy League and other elite universities are organized to produce an artificial scarcity of seats. This is the fundamental basis of these institutions’ power. Just as an example, in 1978, Harvard admitted 2200 students, while in 2023, it admitted just 1,942. So the number of seats has shrunk, despite the American population growing by 50% in that time. Lowering output despite high demand is classic behavior of an entity with market power.
more money from the federal government should go into public universities instead of the Ivy League. From tax-breaks to Pell grants to other kinds of direct and indirect subsidies, the elite colleges don’t need them. They have plenty of money. It’s public universities which show a commitment to more affordable access who could really use the boost. (Matt Stoller, BIG)
5 Historical chance of white Christmas
This day in history
1997 James Cameron's Titanic premieres
