All eyes have been on the spring/summer 2022 catwalks, home to the covetable bag shapes set to be big next year. But the action on the streets outside the shows also serves as a source of inspiration on the accessories front.
Fresh autumn/winter 2021 styles—like Miuccia Prada and Raf Simons’s playful patterned reboot of Prada’s cult Cleo bag, and buzzy Bottega pieces —are everywhere in the fashion capitals. Kim Jones’s supple Fendi First has also been clutched under the arm of many a chic attendee.
Browse the bags the street-stylers have been investing in below.
Prada patterned Cleo shoulder bag
Prada Cleo knitted shoulder bag
$2,400
FARFETCH
Fendi First leather bag
Fendi First medium brown leather bag
$3,490
FENDI
Off-White tote
Off-White small bicolor puffy nylon tote
$1,418$850
LUISAVIAROMA
Bottega Veneta mini Jodie bag
Bottega Veneta mini BV Jodie Intrecciato leather bag
$1,900
LUISAVIAROMA
Saint Laurent Rive Gauche tote
Saint Laurent Rive Gauche Noe tote
$1,250
SSENSE
Loewe Puzzle bag
Loewe Puzzle small leather shoulder bag
$2,800
MYTHERESA
Balenciaga mini Neo classic tote
Balenciaga mini Neo classic City leather top handle bag
$1,990
NORDSTROM
Dior Book tote
Dior Book tote
$3,250
DIOR
Valentino Garavani Roman stud bag
Valentino Garavani Roman Stud medium quilted-leather shoulder bag
$3,150
MATCHESFASHION.COM
Bulgari Serpenti Cabochon bag
Bulgari Serpenti Cabochon crossbody bag
$2,900
BULGARI
Michael Michael Kors SoHo crossbody
Michael Michael Kors SoHo large quilted leather bag
The House tax package would hit privately held companies twice as hard as publicly traded C corporations. It would impose marginal rates of 46.4% or more on the former, while taxing the latter as little as 26.5%. No business structure can survive such an imbalance, so the net effect would be to encourage further economic consolidation away from Main Street and toward Wall Street.
Why should policy makers care? Because private companies are where the jobs are. A new study from EY demonstrates that private companies supply the...
The House tax package would hit privately held companies twice as hard as publicly traded C corporations. It would impose marginal rates of 46.4% or more on the former, while taxing the latter as little as 26.5%. No business structure can survive such an imbalance, so the net effect would be to encourage further economic consolidation away from Main Street and toward Wall Street.
Why should policy makers care? Because private companies are where the jobs are. A new study from EY demonstrates that private companies supply the vast majority of business-sector jobs nationally—77% of them. Public companies supply only 23%. As important, private-company employment is spread evenly across the country while public-company jobs tend to be concentrated in a few cities and states. The Democratic bill would accelerate the decline of less-prosperous regions.
So why is a bill marketed as making billionaires and multinational C corporations “pay their fair share” targeting family businesses instead? Here’s the breakdown:
• Pass-throughs. The bill, authored by Ways and Means Chairman Richard Neal, would increase private companies’ top rate; apply the 3.8% net investment income tax to all their profits; cap the 20% pass-through deduction that helps family businesses compete with the 21% corporate rate; and impose a new 3% surtax on their incomes. That adds up to 46.4%, 17 points more than they pay now. Mr. Neal claims only companies making millions would pay this rate. But for family businesses, the 46.4% rate would kick in at income as low as $500,000.
• Private C corporations. Their corporate rate would increase to 26.5%, while the top rate on capital gains and dividends would rise to 31.8%. Since most shareholders pay taxes on dividends and gains, the combined rate would be 49.9%, higher than for a pass-through. People ask us why they can’t just convert, and this is the reason.
• Public C corporations. Their rate would rise only to 26.5%, and while the rate on capital gains and dividends increases too, most public-company shareholders don’t pay taxes, or pay sharply reduced rates as retirement accounts and pension funds. The result is that second layer of tax is deeply discounted if it’s paid at all. EY estimates the second layer for public companies was about eight points, so the combined rate for public C corporations is somewhere in the mid-30s, about 12 points lower than the private-company rate.
One interesting result from the EY study is how much public employment varies state-by-state and city-by-city. Public companies account for nearly half of all jobs in Nashville, Tenn., but fewer than 1 in 5 jobs in Portland, Ore. Senate Finance Committee Chairman Ron Wyden might want to consider that when crafting his alternative to Mr. Neal’s bill.
The Neal bill would hurt private companies and the workers that rely on them. It would accelerate the consolidation of economic power and decision making into the C-suites of a few thousand public companies, leaving thousands of communities worse off. The bill is bad for Main Street and bad for the country.
Mr. Reardon is the president of the S Corporation Association and a former White House official at the National Economic Council under President George W. Bush.
Wonder Land: "We've got three things to do" says Joe Biden. "The debt ceiling, continuing resolution and the two pieces of legislation. We do that, the country's gonna be in great shape." Images: Disney via Everett Collection/Getty Images Composite: Mark Kelly The Wall Street Journal Interactive Edition
From Disdain for the Devil to Powerbrokers Building Legacies, The Tales Behind Morris County Street Names Are Many
Did you know Buddy Lane in Mendham Township was named for the first Seeing Eye Dog? And whatever happened to Devil's Punchbowl Road in Morristown and Florham Park?
There are histories, legends and mysteries surrounding the names given to the streets where we live in Morris County. Who still recalls that Shunpike Road in Chatham Township was so-named because it was an alternate route to toll roads, otherwise known as pikes? Thrifty travelers would “shun” them.
The history of street names is easily forgotten, and the paved lanes often are renamed as new people move into towns. The reasons for the original monikers fade or name changes become necessary.
"History and local folklore, as well as memorials and tributes to local citizens, lay behind the names affixed atop of street poles and stone markers, yet the stories are often overlooked and lost through time," said Jan Williams, a historian at the Morris County Office of Planning and Preservation.
She has initiated the Morris County "Street Histories Project," hoping to keep alive the stories behind street names by inviting everyone to share what they may know. The office is developing what historians call a “crowd-sourced” history project, asking residents or anyone else to send contributions to an ever-evolving public document designed to collect the histories.
You do not have to be a historian to share a street name story. That is the point of a “crowd-sourced” history project. Just contribute a street name and a narrative. Submit what you know and it may jog someone else's memory and lead Morris County to more information.
Needed are the street name, the town, the story or legend and, when possible, please submit a photo of the street sign.
“People really like being part of Morris County history, and I'm so grateful for that. They are so invested,” said Williams of the project.
The project is important because roads played a vital role in the development of communities, commerce and leisure in Morris County and elsewhere, and their names reflect the history of bygone industries, structures, farms and people. Some pay homage to presidents or citizens. Many remember those who, in service to their country, gave the last, full measure of their lives.
On the “Street Histories Project” website, lost service members are marked with a gold star.
Williams says the project grew from her habit of keeping notes about local lore and mythology regarding local street names after numerous members of the public asked her about the origins of some strangely labeled roads.
Demons & Angels
Punch Bowl Road in Morristown and Florham Park is a frequent topic. Many people assume the name emerged from a glacial indentation in the landscape by the road. That is not completely accurate. The region was originally called the Devil's Punchbowl.
“Just imagine. According to some of the longtime local residents, early settlers would say, ‘Don't go in that area -- it's the devil's punchbowl.’ Or early mothers would refer to it while warning their kids about being out after dark,” Williams explained, noting the old road that passed through the area took on the name, “Devil's Punchbowl Road.”
However, when the Morristown Ladies Golfing Club purchased the area in the 1890s, they took umbrage with the reference to Lucifer. Giving the matter some due diligence, the club gave a much shorter moniker to the region and, as a result, the long street that passed through: Punch Bowl Road.
However, the righteous piety did not end there. The golf club also omitted the 13th hole from its course.
“It lends credence to the folklore. Maybe they were prim and proper and didn't want ‘devil’ associated with anything," Williams said. “It’s charming that the etymology changed not only for the area, but down to the street name.”
Many street signs have an “honor blade,” an honorary street name atop the official sign to name it for a veteran who died in service or even a noted community leader.
Riverdale's Post Lane is named for Peter Post, who established residential and industrial buildings in the area in the 1730s. An honor blade was added in 2013, designating Post Lane as Capt. “Papa” Joe Ezzo Way, for the Riverdale Fire captain who died while responding to a call in August 1982. Feeling ill, Ezzo managed to control the tanker he was operating long enough to pull off the road before dying behind the wheel. Captain Ezzo is also remembered on the National Fallen Fighters Memorial.
Some street names were changed with the advent of technology.
In the 1990s, Boonton Township was adopting a modern 911 alert system. That modern technology brought a series of problems, including requiring streets to be renamed so that they would not be confused with similar sounding streets. For example, local residents Dorothy and George Newton, Jr., lived on North Road, which was similar to another street in town. Therefore, Mr. Newton, a historian, requested their North Road be changed and designated “Whispering Pines Road” in honor of the trees behind his home – trees planted by the Civilian Conservation Corps in the 1930s.
Streets Named by the Rich & Powerful for the Rich & Powerful
New York financiers Joseph Blackwell and Henry McFarlan lent their names to two of Dover's main thoroughfares, Blackwell Street and McFarlan Street – both of which had portions absorbed years later by Route 46. The businessmen purchased a large chunk of the unincorporated “village” in 1917 while settling a debt owed by the owners of the local iron works. The 450 acres they acquired included the iron works and what is now the central business district in Dover that grew up around it, although there were only 12 buildings at that time
Blackwell and McFarlan began laying out streets in the village in classic grid patterns, and took the time to name them.
The “Street Histories Project” has already stirred interest and received some responses from local residents.
One Mendham Township resident contributed information recently about a development where the streets are named for places in Bermuda, such as Devonshire Lake, Langford Drive and Penderhill Road. The developer who built the neighborhood apparently was fond of his vacations in the tropical North Atlantic islands.
The “Street Histories Project” also has since learned that the Township of Butler's street names designate many luminaries, including Auguste Bartholdi, the sculptor of the Statue of Liberty. The story is that he was a friend of the town's namesake, Richard Butler, who also was founder of the Ace Hard Rubber Works. In decades gone by, Ace combs were handed out to schoolchildren on picture day in Butler -- hence, the significance of Ace Road in the township.
Mysteries
The project would like to learn more about many other streets, including:
Featherbed Lane in Harding Township. That cannot be by accident.
Collegan Lane in Mine Hill. The street no longer exists, but it is noted on old maps. Some evidence suggests it was named for W. Collegan, who may have been a miner.
Kossuth Street in Wharton is probably named after a long-gone establishment known as Kossuth Hall, which was the meeting place of a Hungarian group called the Lajos Kossuth Society, named in honor of the leader of the Hungarian Revolution. However, the “Street Histories Project” would love to learn more. After all, the street runs parallel to Wharton's nod to a hero of the American Revolution -- Washington Street. Was that coincidental?
Washington Street, Lane, Court, Avenue or Boulevard in any town.
The “Street Histories Project” would like a photo of every street named for George Washington in every town in Morris County, where the General headquartered during the Revolution. The idea is to collect one photograph representing each street.
Photos:
Keller Avenue in Rockaway Borough and the Central Hotel.
A trio of signs replace Pequannock's Old King's Road.
In 2004, Jefferson's Michele Road was changed to 2nd Lt. J.T. Wroblewski Lane, in honor of the fallen 25-year-old Marine.
Riverdale's Post Lane with Capt. "Papa" Joe Ezzo Way honor blade.
The risks facing investors and the global economy are myriad and growing. We asked three of the most visionary people in the financial industry what they’re most worried about over the next five to 10 years: Cathie Wood, whose Ark Investment Management attracted billions of dollars in the past year after her tech-focused bets trounced the market in 2020; Mohamed El-Erian, chief economic adviser to Allianz SE and a Bloomberg Opinion columnist; and Scott Minerd, chairman of Guggenheim Investments.
Their comments have been edited for length and clarity.
A version of this story first appeared in CNN Business' Before the Bell newsletter. Not a subscriber? You can sign upright here.
London (CNN Business)A resilient stock market, fueled by central bank and government stimulus, is pushing a record number of companies to raise money by offering shares on public markets. That's been a huge boon for the Wall Street banks orchestrating the deals.
"I honestly thought last year would be the busiest in a couple of decades," Aloke Gupte, JPMorgan's co-head of equity capital markets for Europe, the Middle East and Africa, told me. "This year has topped that by a distance."
What's happening: In the third quarter, which wraps up Thursday, 94 US initial public offerings, or IPOs, raised $27 billion. That makes it the best July-to-September period by deal count since 2000, according to a report from investment bank Renaissance Capital.
Globally, 2,044 new listings have brought in roughly $468 billion year-to-date, per Dealogic data compiled for CNN Business. That's already surpassed a record-setting 2020, when 1,656 deals raised almost $358 billion.
The third quarter includes the typically slower summer period, when trading volume eases and bankers take vacations. Activity did taper off in August, but the overall calendar has been extremely full.
Healthcare and tech were the most active sectors, generating two-thirds of the quarter's US IPOs, Renaissance Capital said. It also noted an uptick in consumer companies going public, including drive-thru coffee chain Dutch Bros., Swiss shoe brand On and grill-maker Weber.
Remember: This was also the quarter that brought Robinhood to the Nasdaq. The trading app raised $2.1 billion — less than it expected, but still a hefty sum.
Gupte pointed to a number of factors driving the recent boom, including the economic recovery, which has lifted stocks, and strong valuations across sectors.
This helps, too: Companies tapping public markets have seen shares perform well in early trading, with many enjoying huge day-one pops — an important marker both for the firms making their debuts and the banks who help price shares.
Stock in eyeglass startup Warby Parker, which started trading on the New York Stock Exchange Wednesday following a direct listing (which is slightly different from an IPO) ended the day 36% above its $40 reference price.
Why it matters: Gupte said that the success of recent IPOs is encouraging companies to go public earlier in their lifetime — a meaningful shift from recent years, when many startups have opted to stay private longer.
And while he thinks next year could be rockier, with smaller windows of activity, he doesn't expect market volatility to derail the momentum, with a long list of deals in the pipeline.
"Every single time the market's fallen back, it's come back and [reached] a new high," Gupte said. "A very, very high class of companies are lining up to go public."
On the radar: The Financial Times reports that the recent deal frenzy in the United States and Europe hasn't extended to Hong Kong, which is set for its worst quarter for new listings since early 2020. The biggest factor is Beijing's crackdown on private business, which is making companies nervous about listing in the region.
Dollar Tree will sell more stuff for above $1. Investors love it
For decades, Dollar Tree(DLTR) has sold most of its products for a dollar. Now it's adding items with higher prices at thousands of stores.
The company has announced that it will begin selling items for $1.25 and $1.50 at some locations for the first time, my CNN Business colleague Nathaniel Meyersohn reports. It will also add $3 and $5 items to more stores, expanding on a recent strategy to move away from only offering goods for $1.
Investors were thrilled with the news. (No surprise there: The new approach to pricing will ostensibly encourage customers to spend more per trip.) Shares surged 16.5% on Wednesday.
Time machine: Dollar Tree has faced pressure from Wall Street in recent years to boost prices. In 2019, an activist investor took a stake in the company and pressed the chain to take action. The group ended its fight after Dollar Tree announced plans to test different pricing options.
Yet the move is also a response to worrisome trends. CEO Michael Witynski told the Wall Street Journal that the addition of items above $1 was in part a reaction to rising costs. In August, the company slashed its profit forecast for the year, citing the impact of higher shipping expenses.
"We recognize the need to make adjustments in the current economic environment," Witynski said. The company needs to factor in "the pressure all of us are seeing on wages, freight and on our suppliers and cost increases," he continued.
Watch this space: Hiking prices does carry the risk of turning off shoppers — especially for chains that target those on tighter budgets.
"Dollar Tree should benefit from changes in its pricing strategy, although we worry about the customer reaction, given their high sensitivity to prices," Telsey Advisory Group's Joseph Feldman said in a note Wednesday.
Inflation is a nightmare. Especially when it hits bacon
Post-lockdown inflation is worrying policymakers around the world, who fear that prices could spiral out of control if supply chains remain clogged and workers start demanding higher pay.
One item that's on the US government's radar? Bacon.
The price of the much-loved breakfast food is more expensive for Americans than it has been in 40 years, my CNN Business colleague Alicia Wallace reports. The average price for a slab of bacon has jumped nearly 28% during the past 12 months, according to government data.
Step back: The domestic pork supply chain was one of quickest to get knocked out of whack when Covid-19 hit. Facilities shut down, and the backlog of animals grew. Millions of pigs were euthanized without being processing into food.
Pork production is expected to close out the year 2% lower than 2020 levels, IHS Markit economist Adam Speck told Alicia. Demand, meanwhile, has been "exceptional."
Experts don't expect these problems to be resolved soon. They're also worried about the reemergence of African Swine Fever, which cropped up in the Dominican Republic over the summer.
The Biden administration is taking action. Its team of economists has said prices are high because a handful of large companies control the majority of market share, and outlined plans to level the playing field earlier this month.
Will greater enforcement of antitrust laws, investigations into price fixing and support for new market entrants solve the problem? Hungry Americans, at least, should stay tuned.
Up next
CarMax(KMX), Bed Bath & Beyond(BBBY) and McCormick(MKC) report results before US markets open.
Also today: Fed Chair Jerome Powell and Treasury Secretary Janet Yellen testify on the pandemic response before the House Financial Services Committee starting at 10 a.m. ET.
Congress is also racing to avert a government shutdown. Senate Majority Leader Chuck Schumer announced Wednesday night that Democrats had reached an agreement with Republicans on a stopgap bill to keep the government funded through early December.
Don't miss this: Today at 12 p.m. ET, CNN Business presents "Foreseeable Future: Cryptomania."
Join CNN anchor Julia Chatterley for a conversation with Galaxy Digital CEO Mike Novogratz, followed by a panel discussion with Guapcoin founder Tavonia Evans, SEC Commissioner Hester Peirce and Sydney Schaub, the chief legal officer at Gemini. To reserve a spot now, RSVP here.
Dream - Tak melulu soal suasana, Hong Kong punya daya tarik lain bagi pelancong dunia. Salah satunya, ragam kuliner khas yang sudah mendunia.
Reputasi ini diperkuat sejak 2009, ketika Michelin Guide memulai debutnya di kota tersebut dengan memberikan 31 bintang pada 22 restoran ternama di Hong Kong. Dalam semalam, the Guide telah membuat gebrakan baru menjadikan Hong Kong sebagai pelabuhan untuk makanan terbaik di Asia dan para koki ambisius untuk membuat pencapaian mereka.
" Michelin Guide memperjuangkan kancah kuliner Hong Kong dengan menonjolkan standar tinggi untuk masakan Kanton," ujar Managing Director Michelin Food & Beverages Asia, Nicolas Achard.
Pada 2009, Lung King Heen menjadi restoran China pertama dan satu-satunya yang meraih tiga bintang Michelin. Predikat ini mengangkat masakan Kanton masuk ke dalam destinasi wisata kuliner dunia.
Hebatnya, predikat tersebut mampu dipertahankan Lung King Heen hingga saat ini. Ini menjadikan restoran tersebut pemegang bintang tiga Michelin terpanjang dalam 12 tahun berturut-turut.
The La Jolla Parks & Beaches board debated how to tackle the ongoing issue of fires at Marine Street Beach during its Sept. 27 meeting online.
Nearby resident Dorie DeFranco, who has been leading a charge against wood and charcoal beach fires in that area, asked that existing signs outlining the rules be lowered to make them easier to see and that new signs be added.
She said debris “from illegal fires is spoiling the beach for others. … We’re still finding burnt pallets with nails in them on the beach.”
Beach bonfires are allowed in city-provided fire rings, but Marine Street Beach does not have them.
The San Diego municipal code states that fires also may be in a “portable barbecue or similar device.” City spokesman Tim Graham previously told the La Jolla Light that “the distinction is that smaller barbecue devices used to cook food are allowed on the beach, provided they are self-contained, are above the sand and people remove any hot coals. Bonfires for the purpose of keeping people warm or providing light at night must be in a city-provided fire ring.”
The code states that “coals from any portable barbecue or similar device shall either be removed from the beach area or be deposited in a city-provided fire container or designated hot-coal container provided on the beach for such purposes.” There are no hot-coal containers on Marine Street Beach.
DeFranco said she hopes new signs would indicate that no fires are allowed.
She said the new and lowered signage would increase compliance because “several residents have spoken to those that had fires on the beach and their question is ‘What sign?’” she said.
However, some LJP&B trustees were not on board.
Melinda Merryweather agreed that signs could be lowered but argued that portable devices for bonfires are allowed, and she recommended that a container be placed on the beach for any fire remains.
Ken Hunrichs said city representatives are wrong in their interpretation of the code.
LJP&B President Claudia Baranowski suggested DeFranco draft a letter for the board to sign and submit to the city. It will be presented at a future meeting.
In 2020, LJP&B lent its support to the Barber Tract Neighborhood Association in its quest for a ban on wood and charcoal fires on beaches in its area. LJP&B voted Dec. 7 to write a letter to the city asking that only propane-fueled fires be permitted at Barber Tract beaches, including Marine Street Beach.
However, DeFranco said “no action has been taken” to reduce the fires.
The La Jolla Shores Association is seeking a similar ban on wood and charcoal fires at its area beaches and recently decided to send a letter to the city supporting the efforts of its beach fires task force.
Other Parks & Beaches news
Picnic grove problem: The planned renovation of a picnic area in Scripps Park has run up against what organizers call a “major, major issue” by costing nearly twice what was originally projected.
The project would make a picnic area in the park compliant with the Americans with Disabilities Act, upgrade the tables and benches and replace a dying tree.
While there is $25,000 in the bank — the original expected cost — LJP&B member Ann Dynes said the city indicated that crews working on the renovation would have to be paid prevailing wage, which almost doubled the cost.
Trustee Alexandra Corsi said “construction estimates are around $40,000 and professional services are around $5,000, so we need additional funds. … I believe this project can be done, but it is a bit more complex than we anticipated.”
Full support for Half Marathon: LJP&B voted unanimously to lend its support to the La Jolla Half Marathon scheduled for Saturday, Dec. 11.
The 40th annual event, organized by the Kiwanis Club of La Jolla, will start at the Del Mar Fairgrounds. About the final three miles of the race, overlapping with the run’s concurrent 5K, are in La Jolla.
Thousands of runners are expected. Event chairman Bart Calame said it will be “fully compliant with the city’s COVID-19 requirements” and that the course has changed little from previous years.
Next meeting: La Jolla Parks & Beaches next meets at 4 p.m. Monday, Oct. 25. It is not yet known whether the meeting will be in person, online or a hybrid. Learn more at lajollaparksbeaches.org. ◆