—— Blue Origin Resumes Tourist Rocket Launch; Iranian President Dies in Helicopter Crash; Nordstrom Chairman Passes Away; Gold Hits New Record; Red Lobster Files for Bankruptcy; Job Market Tough for New Graduates

1. Blue Origin Resumes Space Tourism Launch

On Sunday, Jeff Bezos’ Blue Origin resumed space tourism flights with the launch of its New Shepard rocket, carrying six passengers to an altitude of 60 miles above Earth.

Among the passengers was former Air Force captain Ed Dwight, who described the journey as “incredible.”

After a one-hour delay, the spacecraft lifted off at 9:35 a.m. and reached what many organizations define as “outer space.” Fifteen minutes later, the capsule landed safely with two of its three parachutes deployed.

New Shepard has now completed seven crewed spaceflights — Bezos himself was a passenger on one of them.

______
Source：Bloomberg – Bezos’ Blue Origin Resumes Space Tourism With Latest Launch

______

2. Iranian President Dies in Helicopter Crash

Iranian President Ebrahim Raisi died in a helicopter crash yesterday while returning from northwestern Iran.

The cause of the crash remains unknown. Iranian Foreign Minister Hossein Amirabdollahian was also confirmed dead. The country now faces a highly sensitive and difficult situation.

Supreme Leader Ali Khamenei urged citizens to remain calm and assured that the government’s operations would continue without disruption.

In his 60s, Raisi won the presidential election in 2021 and was widely seen as Khamenei’s most likely successor.

______
Source：Bloomberg – Iran President Raisi and Foreign Minister Die in Helicopter Crash

______

3. Nordstrom Chairman Bruce Nordstrom Dies

Bruce Nordstrom, who led department store chain Nordstrom as CEO for over 40 years, passed away at home on Saturday at the age of 90.

In a joint statement, his sons Pete and Erik said their father was “a legend,” a proud resident of Concord, and a loyal friend.

The Nordstrom brand was founded by Bruce’s grandfather as a small shoe store. Under Bruce’s and his father’s leadership, it grew into the largest department store retailer in the U.S.

Bruce’s sons will serve as the company’s CEO and chairman, respectively.

______
Source：Bloomberg – Bruce Nordstrom, Heir Who Expanded Apparel Chain, Dies at 90

______

4. JPMorgan Raises Net Interest Income Outlook

Ahead of its investor day, JPMorgan Chase raised its full-year net interest income (NII) forecast — the bank’s largest revenue stream.

Due to slower-than-expected Fed rate cuts, the bank now anticipates 2024 NII to reach $91 billion, up from its prior $90 billion estimate. JPMorgan now expects only two rate cuts this year, down from six forecasted in January.

The bank noted that elevated benchmark rates in recent years have benefited both JPMorgan and its peers. However, high rates have also led consumers to borrow less and keep more cash in high-yield savings accounts, increasing funding costs while reducing loan income.

JPMorgan expects loan demand to rise, helping lift interest income.

______
Source：Bloomberg – JPMorgan Lifts Full-Year Net Interest Income Guidance Ahead of Investor Day

______

5. Gold Prices Hit New Record

Gold prices in Asia rose 1.4% today to $2,450.07 per ounce, surpassing the previous record set in April.

Markets now expect the Federal Reserve could begin cutting rates as early as September. With declining returns on cash investments, non-yielding assets like gold become more attractive.

Heightened geopolitical tensions globally — particularly in China — have increased demand for safe-haven assets like gold.

Last week’s CPI report showed inflation cooling more than expected, pushing the dollar lower and U.S. Treasury prices higher.

______
Source：Bloomberg – Gold Surges to Record on Fed Rate-Cut Hopes, Rising Haven Demand

______

6. Red Lobster Files for Bankruptcy

Seafood chain Red Lobster filed for Chapter 11 bankruptcy protection on Sunday, listing $1 billion in assets and $10 billion in liabilities.

The company will continue operating while repaying creditors. One of its major lenders, Fortress Investment Group, has agreed to provide $100 million in funding — but Red Lobster will need to give up some equity in return.

Business has steadily declined in recent years. Since 2019, customer traffic is down 30%. Although post-pandemic sales recovered somewhat, revenue plummeted over the past 12 months, leading to a $76 million loss in FY2023.

High inflation has cut into dining-out budgets, and many Red Lobster locations are locked into above-market rents.

______
Source：Bloomberg – Red Lobster Chain Goes Bankrupt After Unlimited Shrimp Deal

______

7. Job Market Tough for New Graduates

According to the latest data from the U.S. Bureau of Labor Statistics, companies are expanding their workforces at the slowest pace in nearly a decade. Following layoffs at major employers like Google, Microsoft, Citigroup, and JPMorgan, job-switching has slowed, and entry-level job confidence has hit its lowest level since 2016.

For the class of 2024, the job market is especially tough. Even internship opportunities are scarce.

Ryan Lin, a graduate of Carnegie Mellon University, landed an internship at Intuit in 2023 with strong odds of securing a full-time role — but ultimately didn’t get the offer, despite graduating from a top-tier school.

Companies like Amazon and Google have slashed job openings. Lin submitted 600 applications before finally landing a job.

______
Source：Bloomberg – Pandemic-Era College Kids Face Job Market That Doesn’t Want Them

______

This content is sourced from Financial Times, Bloomberg, and The Real Deal, among other financial news outlets.