The Upside Roundup - 5 Things I Like This Week, September 11
The Record-Breaking August Complex, Silicon Valley’s Stock Exchange, and Djokovic DQ’d
Never forget.
· Jane Fraser is going to make history by becoming the first woman to be CEO for a major Wall Street bank. Citigroup, the fourth largest bank in the US, has been where Fraser has worked for the past 16 years. Previously, she had worked in the Latin American division as its CEO then became the head of its consumer bank. This will be official in February when the current chief executive Michael Corbat retires after working for 37 years at the firm. Fraser was previously approached by Wells Fargo for their open CEO spot last year, but after staying with Citi, she became the front-runner to take the spot whenever Corbat decided to step down. In the Fortune 500, 7.4% of the CEO’s are women, and this move represents a huge step forward to promoting diversity in the banking industry.
· The race to be the GOAT in tennis has been a topic of wide discussion over the past several years, with the Roger vs. Rafa debate raging for almost a decade. The two are the most decorated tennis champions in history, with 20 and 19 Grand Slams, respectively. Only recently has Novak Djokovic made the argument a three-man consideration. With 17 majors and an undefeated record in 2020, Djokovic was on the precipice of getting one step closer to the two greats at the US Open this year with both Federer and Nadal missing the tournament. That all changed over the weekend when the Serbian hit a line judge with a ball during his fourth-round match with Spaniard Pablo Carreno Busta. Tennis rules dictate that this leads to an automatic disqualification, and with the overwhelming favorite now gone, the men’s tournament, which concludes this weekend, is wide open.
3. August Complex Becomes Biggest Fire in California History
· With 471,000 acres burned, the August Complex in California has become the biggest fire in the state’s history. The August Complex refers to a set of more than 30 separate fires north of Sacramento in the Mendocino National Forest. The previous record – as recorded by the number of acres burned – was 459,000 in the 2018 Mendocino Complex fire, which took place in another part of the same forest that the August Complex currently resides in. The proliferation of wildfires throughout the state has led to 19 deaths, 3,900 structures destroyed, and the need of nearly 15,000 firefighters to fight it. The record-breaking fire started on August 17 after a series of lightning strikes ignited 37 different fires. Climate change in the form of warmer temperatures and years of drought are to blame for the rapidly escalating trend of fast-moving wildfires that have emerged in recent years. This could have an impact on the economy by reducing the value of homes, disrupting tourism, and leading to a nationwide financial crisis.
4. The Venice Film Festival Is Open For Business
· The film industry got a boost last week when Christopher Nolan’s Tenet was released to theaters. Even though it only made $10 million in the US during its first weekend, it was a promising development for the entertainment industry, which has been in hibernation for six months. The industry got another shot in the arm when the Venice Film Festival decided to open its doors even though the organizers were worried about having to cancel it right up until the last minute. The world’s oldest film festival had its show go on despite the fact that Cannes and many other prominent festivals opted to go virtual. 66 screenings are taking place this year, almost double the normal amount. This year, the festival will have two outdoor screening areas; one will be on an ice rink on the Lido, and another on Venice’s main island.
5. Silicon Valley's Exchange Opens for Trading
· Eric Ries is trying to change the way public companies operate, advocating for long-term value creation instead of short-term profits. That was the thinking behind his idea for the Long-Term Stock Exchange, which seeks to reward investors and entrepreneurs who prioritize long-term thinking. There were 13 public exchanges before the LTSE was approved, but none of them do their business like Ries will. Some of the principles highlighted in the mission statement are a company’s environmental and community impact, the company’s approach to diversity, and how a company invests in its own employees. The exchange officially opened for business on Wednesday and all US exchange-listed stocks will trade on it. The next move for Ries and his company is trying to get companies to specifically list with the LTSE or co-list through a dual listing.