markets in everything

Rhino bond markets in everything

Conservationists have started marketing a five-year rhino bond, which bankers say will be the world’s first financial instrument dedicated to protecting a species.

Investors in the $50m bond will be paid back their capital and a coupon if African black rhino populations in five sites across Kenya and South Africa increase over five years. The yield will vary depending on changes in the rhino population, which has fallen rapidly since the 1970s.

The bond is likely to have different categories of investment, with some investors taking a “first loss” position. If rhino numbers drop, those investors will lose their money depending on the scale of the decline and the terms of their investment, while investors in other categories will be repaid.

That is from John Aglionby at the FT.

EU markets in everything?

I had never heard about this before:

The controversial practice of picking corporate sponsors for the European Union‘s rotating presidency is to continue, despite an outcry from MEPs.

EU countries have been raising eyebrows by doing deals with increasingly controversial multinational corporations during their stints overseeing debates at the EU council.

Romania’s presidency in the first half of 2019 was sponsored by Coca-Cola, with the US drinks giant’s logo plastered over banners and signs at meetings. One council summit in Bucharest featured Coca-Cola branded bean bag chairs, and a fridge of free drinks plastered with statistics about the company’s contribution to the economy.

Other sponsors of the council presidency have included car manufacturers, software companies, and other firms with vested interests in influencing EU policy.

But hopes that the incoming Finnish presidency, which took the helm this summer, might end the practice, were dashed after it picked German car manufacturer BMW as a sponsor – despite the firm being hit with a fine over its cars’ diesel emissions earlier this year.

Here is the full story, via Jon Stone.

Japanese car rental markets in everything

People are renting cars, but then not driving them at all:

One respondent to the company’s survey said they rented vehicles to nap in or use for a workspace. Another person stored bags and other personal belongings in the rental car when nearby coin lockers were full.

In the aftermath of the 2011 Great East Japan Earthquake and tsunami, rental cars were also used to recharge cellphones.

”I rented a car to eat a boxed meal that I bought at a convenience store because I couldn’t find anywhere else to have lunch,” said a 31-year-old male company employee who lives in Saitama Prefecture, close to Tokyo.

“Usually the only place I can take a nap while visiting my clients is a cybercafe in front of the station, but renting a car to sleep in is just a few hundred yen (several dollars), almost the same as staying in the cybercafe.”

Here is the full story by Andrew J. Hawkins, via Samir Varma and also Michael Rosenwald.

Japanese pop-up restaurant markets in everything raise the lfpr edition

Worldwide, dementia affects 47.5 million people with 9.9 million new cases each year. Recently, a pop-up restaurant in Tokyo spent 3 days in operation, changing the public’s perception of those suffering from dementia and Alzheimer’s. The Restaurant of Order Mistakes, which was open in early June, was staffed by sufferers of these disorders.

Six smiling waitresses took orders and served food to customers, who came in knowing they may not get what they asked for. Each waitress suffers either from dementia or Alzheimer’s, hence the name of the restaurant. One waitress, who used to work in a school, decided to participate since she was used to cooking for children and thought she could do it. But, of course, the day was not without mistakes.

Here is the full story, via Chaim K.

Viral Markets in Everything

The Persistence of Chaos is an Airgapped Samsung 10.2-Inch Blue Netbook (2008) that is running Windows XP SP3 and 6 pieces of malware that collectively caused some $95 billion in damages. One of the worms trapped on the computer, for example, is:

SoBig

SoBig was a worm and trojan that circulated through emails as viral spam. This piece of malware could copy files, email itself to others, and could damage computer software/hardware. This piece of malware caused $37B in damages and affected hundreds of thousands of PCs.

The terms of sale include the following:

The sale of malware for operational purposes is illegal in the United States. As a buyer you recognize that this work represents a potential security hazard. By submitting a bid you agree and acknowledge that you’re purchasing this work as a piece of art or for academic reasons, and have no intention of disseminating any malware. Upon the conclusion of this auction and before the artwork is shipped, the computer’s internet capabilities and available ports will be functionally disabled.

The current high bid is over $1,200,750.

Hat tip: Paul Kedrosky.

Thwarted markets in everything

Ahead of the second summit in Hanoi, North Korean dictator Kim Jong Un requested as part of the agreement between the countries moving forward that the U.S. send “famous basketball players” to normalize relations between the two countries, according to two U.S. officials.

The request was made in writing, officials said, as part of the cultural exchange between the two countries, and at one point the North Koreans insisted that it be included in the joint statement on denuclearization. The North Koreans also made a request for the exchange of orchestras between the two countries.

Here is the full story.  Via Ian Bremmer.

Markets in everything those new service sector jobs

TITUSS BURGESS doesn’t like to travel and says he knows “zero” about South Africa, which would seem to make him an unlikely host for a 10-day tour of that nation, especially one that costs nearly $27,000 a head. But on a chill March night, the actor, best known for his role as Titus Andromedon on the Netflix series “Unbreakable Kimmy Schmidt,” patiently posed for selfies with travel journalists at a Manhattan wine bar to kick off Heritage Tours’ new Spotlight Series of trips. The company describes the tours as “immersive small-group experiences enhanced by the presence of expert personalities and influencers.”

…While Mr. MacMillan says that the hosts for his trips were chosen for their connection to the destinations, the link can seem tenuous. Courtney Reed, who played Princess Jasmine in Disney ’s “Aladdin” on Broadway will be hosting a trip to Spain focused on wine, fashion and food. She’s never been to Spain, but is “extra thrilled” about going. “I think my role is just to provide social ambience,” she said. “I’m a very easygoing person and I can create extra flair just having fun and appreciating our surroundings. I’m like a cheerleader….We’re going to have a blast!”

…Other travel companies are hitching their wagons to stars who don’t merely gild the travel experience, but add bona fide knowledge or expertise. “There’s only so much caviar and champagne you can give passengers, so we like to enrich their experience in an intelligent way,” said Barbara Muckermann, chief marketing officer of Silversea Cruises. The cruise line, which has at least one expert lecturer on each of its ships, invited nine artists, writers and other creative types including authors Paul Theroux, Pico Iyer and Saroo Brierley to make appearances during its 133-day World Cruise 2019. Besides giving lectures, each is contributing to a commemorative anthology that Silversea line is creating for the passengers.

There is more at the link, by Kevin Doyle at the WSJ, via the excellent Samir Varma.

Tooth extraction markets in everything

Dozens of medical professionals in seven states were charged Wednesday with participating in the illegal prescribing of more than 32 million pain pills, including doctors who prosecutors said traded sex for prescriptions and a dentist who unnecessarily pulled teeth from patients to justify giving them opioids…

Another Alabama doctor allegedly prescribed opioids in high doses and charged a “concierge fee” of $600 per year to be one of his patients.

By Sari Horwitz and Scott Higham, there is more of interest at the link.  For the pointer I thank Harrison Brown.

Enraging dinosaur bone markets in everything

For sale on eBay: what’s claimed to be “maybe the only” young Tyrannosaurus rex ever discovered for $2.95 million. Paleontologists decried the sale, saying that the specimen’s cost was artificially inflating the cost of other valuable fossils. “Only casts and other replicas of vertebrate fossils should be traded, not the fossils themselves,” an open letter from the Society of Vertebrate Paleontology in Bethesda, Maryland. read. “Scientifically important fossils like the juvenile tyrannosaur are clues to our collective natural heritage and deserve to be held in public trust.”

…“The asking price is just absurd,” one researcher said.

Here is the full story, via Ze’ev.  Might this increase the incentive to find such fossils?

Missing markets in everything?

Or do the offer curves simply not intersect?:

Just over half of Americans between the ages of 18 and 34 — 51 percent of them — said they do not have a steady romantic partner, according to data from the General Social Survey released this week. That 2018 figure is up significantly from 33 percent in 2004 — the lowest figure since the question was first asked in 1986 — and up slightly from 45 percent in 2016.

Here is the story, via the excellent Kevin Lewis.

Damien Hirst markets in everything

The Palms Casino Resort in Las Vegas is taking the concept of luxe travel to a whole different level. Its new Damien-Hirst-designed Empathy Suite costs $100,000 a night.

The room is the most expensive in America, beating out one at The Mark hotel, which previously held the accolade at $75,000 a night. And Empathy is also one of the world’s most expensive hotel accommodations, according to The Palms. (In fact, it’s potentially the most expensive: The Royal Penthouse Suite at the President Wilson Hotel in Geneva — at about $80,000 a night — was the world’s most expensive suite in 2018, according to Lonely Planet.)

…The room was designed by world-renowned artist Hirst and showcases a number of his well-known original pieces, like the iconic “Winner/Loser,” with two bull sharks suspended in formaldehyde.

Hirst — who is known for controversial pieces — also created a 13-seat curved bar filled with medical waste, and hanging above the bar is Hirst’s “Here for a Good Time, Not a Long Time,” which features a marlin skeleton and taxidermy marlin.

Here is more text and photos, noting that perhaps the high price is in part “advertising” so that major gamblers feel good when the room is comped to them?

Via the excellent Samir Varma.

Hypnotist markets in everything

Those new service sector jobs:

This hypnotist charges half a bitcoin for helping you remember your lost cryptocurrency password…

“If you’ve got, you know, $100,000, $200,000, $300,000 worth of bitcoin in a wallet and you can’t get access to it, there’s a lot of stress there,” he says. “So it’s not just as simple as saying, okay, we’re going to go do a 30-minute hypnosis session and enhance your memory.”

Miller declined to specify the exact number of participants in his bitcoin password recovery program or how much money he’s recovered, citing client confidentiality. However, he says that there are currently “several people” in his program, who are experiencing varying degrees of success.

Generally, a person who created their password more recently will have an easier time unlocking this memory, he says. Likewise, a client who is feeling low stress will have an easier time remembering their password than one under high stress.

Miller is located in Greenville, South Carolina.

For the pointer I thank Nick Glenn.

Hayek auction markets in everything

Friedrich Hayek’s personal copy of Adam Smith’s Wealth of Nations, complete with pencilled annotations by the champion of free market economics, is to go on sale as part of a trove of personal items being sold by Hayek’s family. Hayek’s typewriter, writing desk, photo albums, passports, a speech signed by former prime minister Margaret Thatcher and a set of cufflinks given to him by ex-US president Ronald Reagan are among the items set to go under the hammer in an online sale at Sotheby’s later this month.

That is from James Pickford at the FT, the Smith copy is estimated to go for £3,000 to £5,000, plus buyer’s premium of course.