Friday, November 9
New York is the Hot Spot for Big Tech (CNN)
In the summer of 2013, Mike Bloomberg, then the mayor of New York, held a press conference to announce that Spotify would open an office in the city and hire more than 100 engineers by the following year. Bloomberg touted the announcement, a music streaming service founded in Sweden, as validation of his efforts to “make New York City the first choice for tech companies to launch and grow.”
Five years later, New York may be on the cusp of two landmark tech industry announcements that would dwarf that Spotify news and cement the Big Apple as a big tech hub to rival Silicon Valley. Amazon and Google are reportedly planning massive New York expansions with thousands of new employees.
Amazon HQ2 Talks are ‘Stamp of Approval’ for Long Island City (Financial Times – subscription)
Former New York City mayor Mike Bloomberg is widely credited with launching Long Island City’s revival by reinventing a neglected waterfront that offers both stunning views and proximity to Manhattan. “Twenty-five years ago, this was one of the worst neighborhoods in the city … You couldn’t go outside at night,” said George Drivos, a local gas station owner.
The Bloomberg administration also championed the creation of a technology-focused university on Roosevelt Island, which sits in the East River, between Manhattan and Long Island City, as a centerpiece for New York’s digital economy. Cornell Tech, a partnership between Cornell University and the Technion-Israel Institute of Technology, opened its doors last year on what will eventually be a $2bn campus. “Bringing a company like Amazon to New York City — and Long Island City, in particular — puts a giant stamp of approval on that progress and takes the city to a whole other level, in terms of perception and reality,” said Seth Pinsky, Bloomberg’s former head of economic development.
Amazon’s arrival would vindicate Bloomberg’s deliberate strategy to reposition a city synonymous with finance as a leader in burgeoning digital industries — an approach they believe was essential after the 2008 financial crisis exposed New York’s vulnerabilities.
-‘Year of the Woman’ Indeed: A Record 34 Women Have Won House Seats (New York Times)
-Mike Bloomberg Became a Game-changing Figure for Democrats as his Candidates Stormed the U.S House of Representatives to Help Retake the Majority (CNBC)
-The Suburbs — All Kinds Of Suburbs — Delivered The House To Democrats (Five Thirty Eight)
Trump’s Acting Attorney General Advised Firm Accused of Scamming Consumers (Bloomberg)
Trump’s Appointment of the Acting Attorney General Is Unconstitutional (New York Times – oped by Neal Katyal and George T. Conway)
Hot on the Bloomberg:
Hedge Fund Managers Brace for D-Day on Nov. 15 After Worst Month Since 2011 (Bloomberg)
U.S. Coal Plant Retirements Near All-Time High (BloombergNEF)
Wind and Solar Costs Keep Falling, Squeezing Nuke, Coal Plants (Bloomberg)
Key Takeaways from the Bloomberg New Economy Forum (Bloomberg) This week’s inaugural Bloomberg New Economy Forum in Singapore, was dominated by trade, the U.S. midterms and financial stability concerns. Former Federal Reserve chair Janet Yellen warned that the U.S. may not be able to easily cope with future financial risks as lending shifts away from traditional banks. “It’s unclear that we actually, at least in the United States, have appropriate tools to deal” with risky lending outside of the banking sector, Yellen said in a panel discussion.
Weighing in on the U.S. midterm results, Gary Cohn, former White House economic adviser and ex-Goldman Sachs president, and Larry Fink, CEO of BlackRock, pointed to the strong performance of female candidates, and apparently high turnout among the so-called millennial generation, as portending major shifts in the medium term. “The power of women and millennials is going to shape U.S. politics,” Fink said.
Best of late night.
On the new Mayor recently elected in a small town in Oregon who is 18 years old:
“Lots of people are shocked about an 18 year-old Mayor. But remember, this is America and the President is a giant toddler.”
— James Corden
“A woman in Australia last week gave birth to a 12.5lb baby without any pain relief medications. Said Doctors: “Congratulations! It’s a teenager!””
— Seth Meyers
“A woman in Ohio was arrested this week for allegedly stealing more than $1600 worth of girl scout cookies, but they let her off with a warning because it turned out to be the gluten-free kind.”
— Seth Meyers