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How To Protect Yourself From Davos Man

How To Protect Yourself From Davos Man

Authored by Mark Jeftovic via BombThrower.com,

Read this if you don’t want your human rights ‘recalibrated’

The…

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How To Protect Yourself From Davos Man

Authored by Mark Jeftovic via BombThrower.com,

Read this if you don’t want your human rights ‘recalibrated’

The pandemic is clearly in the rear-view mirror, no matter how badly the our elites wish it wasn’t so. The window on the World Economic Forum’s self-proclaimed “opportunity” for transformative change is quickly closing. Yet, billions of plebes are still dragging their knuckles around, thinking for themselves.

Anybody paying attention to the talking points coming out of this past Davos meeting, knows what they have planned for us: everything from individualized carbon footprint tracking, the requirement for “passports” to navigate the web, to “recalibrating certain human rights… like free speech

This three part piece takes us through what we’re dealing with, why it’s actually impossible for it to succeed, and what you can personally do to secure your own future regardless.

#1) Know what you’re dealing with

The Davos Club are at their core, Malthusians and Marxists. By Malthusian I mean that they think there are too many useless eaters in the world taking up space and resources. You’re one of them. They’re not.

By Marxist I mean the true outcome of socialism: a two tier society. Ostensibly, Marxism is about class struggle and equality for all, but in reality it’s about about eliminating the middle class and the reduction of the class structure to only two:

  1. them, a thin scab of elites who sit atop the cap table of the world, who own everything and make all the rules, and

  2. everybody else, who own nothing and have no human or civil rights.

Class structure, now and future

Anything that comes out of Davos, no matter how noble it sounds is really just veneer to get enough useful idiots to convince enough useless eaters to accept the narrative that what is being done to them is for their own good. This year took aim at individual carbon footprints.

UK Fire, is a British think tank with a five year mission to map out a pathway to Absolute Zero by 2050. Funded by the UK government’s UK Research and Innovation, along with “an active and growing industrial consortium”, their plan is to eliminate all carbon emissions by 2050.

All of them.

This includes:

  • Elimination of air travel by 2050

  • Elimination of shipping (there are no electrically powered ships)

  • The phasing out of beef and lamb for food (replaced by vegetarian food)

  • Radical reduction of steel manufacturing and all blast furnaces

  • Elimination of cement (expand use of clay, “think up something else”, literally)

  • 60% fewer cars, or 60% smaller in size

It’s an epic 60-page report that has it all figured out, most importantly how everybody else is going to live.

The punchline being the complete elimination of fossil fuels by 2050.

But if there’s one thing you can bet on it is this:

In 2050, the Royal Family, members of the government, billionaires and industrialists will all still be flying around in private jets or sailing somewhere aboard super-yachts, eating grass fed beef, lamb, bison, and being chauffeured around in 25-foot limos between their multiple 10,000 to 25,000 square foot residences.

Some people get triggered by these machinations of our self-appointed betters. The idea that the people who come up with these schemes will get to retain all the trappings of a modern, luxurious lifestyle while taking them all away from the rest of us in the name of “climate justice” or “equity” seems, somehow… unfair.

To put it lightly.

But when you fall into the trap of getting triggered by these plans, these high minded “roadmaps” and all encompassing  agendas you’re actually falling into a type of mental trap that will compromise your own ability to mitigate these machinations.

It’s therefore important to:

#2) Understand that it’ll never happen

One of the most sanity preserving mental tools I’ve ever discovered is what I call “Embracing the recipriversexcluson“.

The term was invented by Douglas Adams in his thinly veiled as satire “Hitchhikers Guide To the Galaxy” documentary. It means: a number whose value can be anything but itself.

His example was the stated hour of a dinner party is the one moment in time when it is impossible for any of the guests to arrive.

In this world of management by technocrats and expert authorities, we are immersed in recipriversexclusons:

  • If the most wizened technocrats say “sub-prime is contained”, it isn’t.

  • The future inflation targets are the one value inflation can never have

  • GDP estimates, CPI, PPI, money velocity, all of it, aren’t predictions, they’re exclusions

There is a kind of ontological structure to why this is the case: knowledge of the future (predictions) never occur in a vacuum. Putting the prediction into the world (planning) by that very act creates reinforcement and opposition. However both forces reduce the odds of the outcome matching the prediction.

The reason why has to do with something called the Three Body Problem, which describes how it is impossible to create an algorithm that describes the movement of three disparate objects in space.

The ramifications of this are astounding.

Without getting too long-winded about it, I’ll distill it down to this:

The World Economic Forum could not successfully execute a plan for total world domination, even if the entire world consisted of only three inanimate objects.

I’m oversimplifying. But the concept illustrates how central planning is futile. Whether it’s Soviet-era  Five-Year Plans or FOMC models for transitory inflation, there are simply too many moving parts in the world, many of them with minds of their own, to know where they’re all going to be in 5 milliseconds. Nevermind trying to control the outcome of the entire global economy (or the planet’s climate) out past 2050.

What can happen though, and frequently does, is you can cause a lot of damage via central planning. You can screw up everybody else’s plans, even the individual ones that would have otherwise landed in the ballpark. So for interim periods of time, central planning can appear to be omnipotent, but if you look closely, none of those plans actually succeeded at anything other than derailing everybody else’s lives (COVID, lockdowns, vaccines, etc).

Any time central planning or technocratic impulses appear to be in control of anything, it’s, as a rule never what was intended. More often it’s a train wreck of unintended consequences. If that wasn’t the case, we wouldn’t have runaway inflation, we’d have had a soft-landing in the rate hikes, 100% vaccine compliance, Russia wouldn’t be Ukraine, the supply-chain would be humming along, oil wouldn’t be over $100/barrel and Bitcoin would be a zero,

#3) What you actually do about it

There is a great difference between resisting evil and renouncing it. When you resist evil, you give it your attention; you continue to make it real.

When you renounce evil, you take your attention away from it and give your attention to what you want.

Now is the time to control your imagination and give your energy to what you want.”

— Neville Goddard

This quote provides a nice encapsulation for the decentralized revolution and the emergence of Bitcoin. This movement is not a full frontal assault against globalism, nor is it a fear-based reaction to any impending attempts at tyranny.

It is a worldwide, unstoppable opt-out. People are putting their energy literally into what they want. Non-state, neutral, digital bearer instruments, absolute property rights, and self-sovereign autonomy.

That’s what I want. That’s what many of you want. I really don’t give a rat’s ass what Klaus Schwab, Justin Trudeau or any of the collectivist eggheads who authored Absolute Zero 2050 want.

The reality is nobody is in control, and for both the elites, and the NPCs who love to to have their lives ordered by them, that is terrifying.

We live in an out-of-control world, and yet each one of us are bestowed with a few super-powers that give us the ability to rise above any adversity or undesirable circumstances.

Those super-powers are the ability to adapt, learn and our ability to think creatively. Individually, any single person can rise above their circumstances. In parallel, we can upend entire empires.

Smash Your Great Barrier

In order to be able to live your life irrespective of how Davos Man thinks you should, you have to be independently wealthy. That may not be ideal or fair, but that’s how it is. If you aren’t independently wealthy as we go through this Fourth Turning of history, then there’s high likelihood you’ll be a neo-Feudal serf, trapped within a social credit system, living on stimmies (CDBCs), and doing what you’re told.

By independently wealthy, I mean not reliant on single external entities, and especially not on government entitlements. If you live in a trailer on a plot of land that you own free and clear and have a viable niche in your community, you’re independent. You’re in better shape than the mid-level investment banker whose bonus is $750K but he’s several million in debt over and above his assets.

If you aren’t where you want to be financially now (and it’s not because you’re still in school or otherwise laying the foundation for your future), then there’s one step you have to do first, which clears the path toward financial independence.

You have to identify your one crippling barrier to being who you want to be, and get rid of that obstacle. You probably already know what The Great Barrier is in your life, because you spend a lot of your mental energy pretending it’s not there or not a problem. Maybe it’s drugs, booze, negative thinking, sex, porn, co-dependancy, television, Youtube, who the hell knows these days. Being a Karen. Whatever it is, just stop it (for years I’ve been trying to figure out who wrote this book, but if you’re at this stage where you need to deal with your Great Barrier, then get it and read it, it’s under $3 for chrissake).

At the age of 30 I was broke, in debt, an alcoholic, alone and suffering from depression and crippling anxiety. Now I’m not. My Great Barrier was the booze. So I stopped drinking.

It’s hard to believe that was only 22 years ago, because I’ve come a long way since, and risen to comparatively dizzying heights. I am not especially gifted nor talented. If I can do it, so can you.

Become financially independent

After you smash through your Great Barrier, the first job if you’re not financially independent, is to do that. Become that. Yes, it’s that simple. You make the decision and then you go out and do it. If your Great Barrier was an addiction, you’ll actually have so much extra time and money it will feel positively pink cloud-ish. Use that lift to get up to speed on financial literacy and then the way you get there is through starting or owning a business. Even one on the side.

Think for yourself

Start jettisoning low-signal inputs:

  • Television

  • All mainstream/corporate media

  • Social media – massive curation will required here

  • All politicians

  • Expert authorities

You have to start paying attention to what’s going on in your head most of the time, and then ask yourself if it’s something put there by an external influence or if you’re actually expending brainpower on your own plans, goals and relationships.

People can waste their entire day on whatever Twitter puts in the “What’s Trending” bar. They can get caught up ruminating on external events, people and behaviours they have no control over and will almost never impact them.

Have a goal. Come up with a plan. Spend as much of your mental energy thinking about your goals and your own plan.

Think Napoleon: .

“I see only the goal. The obstacle must give way”

- Napoleon

Or the other Napoleon:

“Choose your goals.
Work toward them.
Direct your thoughts.
Control your emotions.
Get into action…
and you ordain your Destiny”

- Napoleon Hill, W. Clement Stone

Cultivate Optionality

Once you’re the captain of your own ship, you’ll still have to navigate the machinations of innumerable external authorities who think they have moral claim over your life.

You do that by cultivating optionality. A wizened lawyer once told me, “he who has the most options, usually wins”.

When you’re on a single paycheque, over your head in debt or reliant on government stimmies, you have no choices.  Basically you live at the whim of your circumstances.

As we say in The Crypto Capitalist Letter (our premium channel) “We worship at the alter of optionality”.

  • Multiple streams of income

  • Multiple business interests

  • Diverse assets (i.e. gold and Bitcoin)

  • Plan B (second passports, out of country real estate)

Notice I didn’t say “Buy Bitcoin” in the section about achieving independent wealth. That’s because it most properly belongs in this section.

Bitcoin is the ultimate optionality, because it’s such an asymmetric set up. If you are 100% no-coiner, backed-by-nothing, ponzi, Tulips, headed to zero, then what kind of premium would you pay for Dead Wrong Insurance?

Imagine an insurance policy that covered you against being absolutely, totally wrong about something as important as the future of the global monetary system. What would that be worth to you?

$5? $10? If that’s all you’d be willing to concede that you might be proven wrong about Bitcoin, then take that five or ten dollar bill down to the nearest Bitcoin ATM and buy a few sats of Bitcoin. Then do it again next week. Do it every time you’re at the store pissing away the rest of your money on lotto tickets and cigarettes and in due course you’ll have a cushion that could make all the difference in the world if the Bitcoin thesis plays out.

If you’re higher up the spectrum such as a HNW or family office, think about allocating 0.5% or 1% into Bitcoin. That’s it. Then forget about it.

Be Ready

Being a Sovereign Individual (this is basically what we’ve been laying out herein) requires commitment and preparation. You don’t have to do it, but just understand that if you don’t, we’re headed into a world where you’re probably going to spend the rest of your life doing what you’re told instead of what you want.

We’re in an air pocket now, the job is resiliency, because we’re transitioning out of an existing system that is no longer functional, and into a new one. Nobody really knows how it looks yet.

The tension between Davos Man and the Sovereign Individual is that the former wants to keep the old system going as a linear extension into the future: more centralization, more top down control, more confiscation of any remaining wealth.

The latter may not know what the future looks like but we know what it won’t look like: it won’t be a digitized linear extrapolation of the Industrial Age.

Aside from that, all bets are off, so we we need all manner of resiliency.

  • Backup generators

  • Medical Supplies

  • Tools

  • Food

  • Lawyers, guns & money

We also have to connect with each other and create our own support structures because the government, the experts, the Davos crowd, they are not coming in to save us. My guess is in the not-so-distant future their primary concern will be outrunning the pitchforks and torches. So be it.

In Bitcoin circles there is a meme: WAGMI. I’ll leave it to the reader to find out what that means if they don’t already.

Many people believe that Davos Man controls the world and is steering everybody into a technocratic authoritarianism. Davos Man assuredly aspires toward this.

The laser-eyes, those who think WAGMI have their own designs on how things will play out. It is largely a global opt-out as incumbent institutions lose credibility, and their authority and importance in world affairs goes into secular decline.

Either way, they are both correct.

It will be largely self-selecting.

*  *  *

You can learn more about the overall thesis behind the coming Monetary Regime Change by joining the Bombthrower mailing list.  Wherever you are on the path to being a Sovereign Individual, Bombthrower can help you navigate the terrain. (GettrTwitterTelegram)

Tyler Durden Thu, 06/09/2022 - 12:25

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Government

TDR’s U.S. Stock Market Preview For The Week Of August 8, 2022

A weekly stock market preview and the data that will impact the tape. Sunday Evening Futures Open – Stock Market Preview Weekend News And Developments…

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A weekly stock market preview and the data that will impact the tape.

Sunday Evening Futures Open – Stock Market Preview

Weekend News And Developments

Berkshire Hathaway dramatically slowed new investment in the second quarter after setting a blistering pace at the start of the year, as the US stock market sell-off pushed the insurance-to-railroad conglomerate to a $43.8bn loss.

China’s southern island province of Hainan started mass Covid-19 testing on Sunday, locking down more parts of the province of over 10 million residents, as authorities scramble to contain multiple Omicron-driven outbreaks, including the worst in capital Sanya, often called “China’s Hawaii”.

Cuba: 17 missing, 121 injured as fire rages in oil tank farm in Matanzas City

Equity positioning for both discretionary and systematic investors remains in the 12th percentile of its range since January 2010, according to Deutsche Bank published last week.

Fisker Inc. (NYSE:FSR) unveils a process for qualifying US-based reservation holders of the Fisker Ocean all-electric SUV to retain access to the existing federal tax credit. The current $7,500 tax credit would be unavailable should Congress pass the Inflation Reduction Act of 2022 and President Biden signs the legislation into law.

Former Labour prime minister Gordon Brown has called for an emergency budget before the UK hits a “financial timebomb” this autumn. Mr. Brown said millions would be pushed “over the edge” if the government does not address the cost of living crisis.

Israel said Sunday it killed a senior Islamic Jihad commander in a crowded Gaza refugee camp, the second such targeted attack since launching its high-stakes military offensive against the militant group just before the weekend. The Iran-backed militant group has fired hundreds of rockets at Israel in response, raising the risk of the cross-border fighting turning into a full-fledged war.

NexJ Systems (TSX: NXJ) announced financial results for its second quarter ended June 30, 2022.

Rhine river hit by drought conditions, hampers German cargo shipping. According to reports, transport prices have shot up as drought and hot weather have affected water levels in the river Rhine in Germany leading cargo vessels to reduce loads during transportation.

Taiwan’s defense ministry said it had detected 66 Chinese air force planes and 14 Chinese warships conducting activities in and around the Taiwan Strait on Sunday, Reuters reports. Thursday’s drills involved the live firing of 11 missiles.

Unifor: 1,800 members from across the country arrive in Toronto this weekend before Monday’s start to the union’s 4th Constitutional Convention, where delegates will elect a new National President and vote on key priorities and initiatives. Unifor is Canada’s largest union in the private sector, representing 315,000 workers in every major area of the economy. 

U.S. rate futures have priced in a 69% chance of a 75 bps hike at its September meeting, up from about 41% before the payrolls data. Futures traders have also factored in a fed funds rate of 3.57% by the end of the year.

What The Analysts Are Saying…

Anybody that jumped on the ‘Fed is going to pivot next year and start cutting rates’ is going to have to get off at the next station, because that’s not in the cards. It is clearly a situation where the economy is not screeching or heading into a recession here and now.” — Art Hogan, chief market strategist at B. Riley Financial

“It is not a market bottom, things are not going to go up consistently from here because we are going to be buying low tech products for a while, so everyone has something to make up as COVID demand = pre-COVID​, there are fewer units for this. Reality check – unlike ‘Big Tech’, consumer discretionary related companies are offering more cautious guidance.”Morgan Stanley analyst commentary on a potential market bottom

The fact of the matter is this (Aug. 5 nonfarm payroll report) gives the Fed additional room to continue to tighten, even if it raises the probability of pushing the economy into recession. It’s not going to be an easy task to continue to tighten without negative repercussions for the consumer and the economy”. — Jim Baird, chief investment officer at Plante Moran Financial Advisors

“We are surprised to not see investors start to chase upside calls in fear of underperforming the market. People are just watching.” — Matthew Tym, head of equity derivatives trading at Cantor Fitzgerald

What We’re Watching

Psychedelic Sector Gaining Momentum: What started out as bottoming action after a protracted multi-quarter decline has now morphed into a tangible bullish impulse. We believe Netflix new docuseries How To Change Your Mind has played an important roll in the creation of critical mass awareness for the sector—and a rebound in broad market risk assets hasn’t hurt. At the tip of the spear for this sentiment shift is COMPASS Pathways plc (CMPS), which has risen 62.64% since  the docuseries debuted on July 12. Price on the benchmark Horizons Psychedelic Stock Index ETF has now breached the 20-day MA/EMA.

We are watching to see if investor sentiment shifts into laggard names such as Cybin Inc. and MindMed, which has continued to fall following a proposed 15-1 reverse stock split initiative announced this year. Many Tier-2/3 names still 90%+ off their highs…

Revive Therapeutics (RVV:CSE, RVVTF:OTC): This has been on our radar for the last couple of weeks, and remains on our watch list. The company has already confirmed that their statistician is in possession of 210 unblinded patient data for its Phase 3 clinical trial to evaluate Bucillamine to treat COVID-19. The company is currently attempting to revise endpoint data from a hospitalization/death focus to a symptoms focus. If they are to achieve this, it will mark a material event in the course of the trial.

YTD performance (+33.09%), Revive Therapeutics (RVVTF); Red line = 7day EMA

We believe an endpoint decision, either positive or negative, is imminent and will have cause a material price action event.

Consumer Price Index, August 10: Consumer inflation expectations for July are released by the New York Fed, while the University of Michigan’s preliminary survey of consumers for August is on tap. Taken together, these should give investors a better picture of how consumers are feeling about current economic conditions. 

As of June, it’s running at 9.1% on an annual basis. Investors, economists and consumers will be watching to see if price increases are easing as everything from gasoline to food is elevated.

Given the mixed signals on the overall state of the economy (i.e. indications of recession vs. this week’s strong nonfarm payrolls number), CPI will be in-focus by market participants. Scotiabank expects 8.9% y/y (9.1% prior) and 0.4% m/m for headline CPI; ex-food-and-energy: 6.1% y/y led by a 0.6% m/m gain.

Pot stocks earnings continue, with several Tier-1/Teri-2 names reporting including Curaleaf Holdings, Trulieve Cannabis, Marimed Inc., Cronos Group, TerrAscend Corp. and more. Last Wednesday, Green Thumb Industries allayed fears somewhat that this earnings season would be a write-off, producing solid numbers which beat expectations on several key metrics. An additional strong report or two will go a long way to help improve sentiment for a sector that’s been decimated over the past six quarters.

U.S. Economic Calendar

TIME (ET)REPORTPERIODMEDIAN FORECASTPREVIOUS
Monday, August 8
11:00 AMNY Fed 3-year inflation expectationsJuly3.60%
Tuesday, Aug. 9
6:00 AMNFIB small-business indexJuly89.589.5
8:30 AMProductivityQ2-4.30%-7.30%
8:30 AMUnit labor costsQ29.30%12.60%
Wednesday, August 10
8:30 AMConsumer price indexJuly0.30%1.30%
8:30 AMCore CPIJuly0.60%0.70%
8:30 AMCPI (year-over-year)July-8.70%9.10%
8:30 AMCore CPI (year-over-year)July6.10%5.90%
10:00 AMWholesale inventories (revision)June1.90%1.70%
2:00 PMFederal budget (compared with year earlier)July-$302 billion
Thursday, August 11
8:30 AMInitial jobless claimsAug. 6265,000260,000
8:30 AMContinuing jobless claimsJuly 301.42 million
8:30 AMProducer price indexJuly0.20%1.10%
Friday, Aug. 12
8:30 AMImport price indexJuly-0.80%0.20%
10:00 AMUMich consumer sentiment index (preliminary)Aug.5352
10:00 AMUMich 5-year inflation expectations (preliminary)Aug.2.90%

Meme Of The Week

Key Earnings (US Markets)

DateCompanySymbolEarnings estimate
Monday, August 83D SystemsDDD$0.00 per share
BarrickGOLD$0.22
BioNTechBNTX$7.08
EnergizerENR$0.76
News Corp.NWSA$0.08
NovavaxNVAX$5.18
Palantir TechnologiesPLTR$0.03
Take-Two Interactive SoftwareTTWO$0.86
Tyson FoodsTSN$1.97
UpstartUPST$0.08
Tuesday, Aug. 9Akamai TechnologiesAKAM$1.31
AramarkARMK$0.24
Bausch HealthBHC$0.91
Carlyle GroupCG$1.07
CoindeskCOIN-$2.68
Cronos GroupCRON-$0.07
EbixEBIX$0.58
EmersonEMR$1.29
GlobalFoundriesGFS$0.45
Grocery OutletGO$0.24
H & R BlockHRB$1.24
Hilton Grand VacationsHGV$0.88
Hyatt HotelsH$0.03
IAC/InterActiveCorpIAC-$2.35
iRobotIRBT-$1.55
Maxar TechnologiesMAXR$0.12
Norwegian Cruise LineNCLH-$0.83
Plug PowerPLUG-$0.20
Rackspace TechnologyRXT$0.16
Ralph LaurenRL$1.71
RobloxRBLX-$0.26
Spirit AirlinesSAVE-$0.46
Super Micro ComputerSMCI$2.35
SyscoSYY$1.11
The Trade DeskTTD$0.20
TTEC HoldingsTTEC$0.85
Unity SoftwareU-$0.21
Warner Music GroupWMG$0.20
World Wrestling EntertainmentWWE$0.55
Wynn ResortsWYNN-$0.97
Wednesday, August 10AppLovinAPP$0.50
CoherentCOHR$2.13
CoupangCPNG-$0.10
CyberArk SoftwareCYBR$0.01
Dutch BrosBROS$0.07
Fox Corp.FOXA$0.77
Franco-NevadaFNV$0.98
Jack in the BoxJACK$1.42
Manulife FinancialMFC$0.76
MatterportMTTR-$0.14
Pan Am SilverPAAS$0.14
Red Robin GourmetRRGB-$0.16
SonosSONO$0.21
TraegerCOOK$0.04
Wendy’sWEN$0.22
Wolverine World WideWWW$0.65
Thursday, August 11AerCapAER$1.42
BaiduBIDU$10.92
Brookfield Asset ManagementBAM$0.69
Canada GooseGOOS$2.98
Cardinal HealthCAH$1.18
Dillard’sDDS$2.88
Flower FoodsFLO$0.27
IlluminaILMN$0.64
LegalZoomLZ$0.02
Melco Resorts & EntertainmentMLCO-$0.44
NioNIO-$1.36
PoshmarkPOSH-$0.25
Rivian AutomotiveRIVN-$1.63
Ryan Specialty GroupRYAN$0.35
Six FlagsSIX$1.04
Solo BrandsSOLO$0.28
ToastTOST-$0.12
Utz BrandsUTZ$0.12
Warby ParkerWRBY-$0.02
W&T OffshoreWTI$0.37
Wheaton Precious MetalsWPM$0.32
Friday, Aug. 12Broadridge FinancialBR$2.65
Honest CompanyHNST$-$0.09
Spectrum BrandsSPB$1.42

FDA Calendar

None

Source: CNN Business – TDR’s stock market preview sentiment indicator

Past Week What’s Hot… and What’s Not

Source: TradingView – TDR’ stock market preview what’s hot this past week

Top 12 High Short Interest Stocks

TickerCompanyExchangeShortIntFloatShares O/SIndustry
BBBYBed Bath & Beyond Inc.Nasdaq46.38%61.57M79.96MRetail (Specialty Non-Apparel)
ICPTIntercept Pharmaceuticals IncNasdaq43.76%23.62M29.71MBiotechnology & Medical Research
MSTRMicroStrategy IncNasdaq39.29%9.32M9.33MSoftware & Programming
BYNDBeyond Meat IncNasdaq37.91%56.79M63.54MFood Processing
SWTXSpringWorks Therapeutics IncNasdaq37.51%31.64M49.41MBiotechnology & Medical Research
BIGBig Lots, Inc.NYSE37.37%26.49M28.92MRetailers – Discount Stores
EVGOEvgo IncNasdaq35.65%67.76M69.00MUtilities – Electric
UPSTUpstart Holdings IncNasdaq35.60%72.32M84.77MConsumer Lending
BGFVBig 5 Sporting Goods CorpNasdaq34.65%20.85M22.33MRetailers – Miscellaneous Specialty
SRGSeritage Growth PropertiesNYSE34.38%23.58M43.68MReal Estate Operations
NKLANikola CorporationNasdaq32.77%265.95M421.14MAuto & Truck Manufacturers
BLNKBlink Charging CoNasdaq32.54%33.98M50.20MUtilities – Electric

Tags: stock market preview, stock market preview August 8, 2022.

The post TDR’s U.S. Stock Market Preview For The Week Of August 8, 2022 appeared first on The Dales Report.

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Government

Senate Passes $740 Billion Tax, Climate Package — Will Go To House Next

Senate Passes $740 Billion Tax, Climate Package — Will Go To House Next

Update (1532ET): After much wrangling, the Democrats finally passed…

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Senate Passes $740 Billion Tax, Climate Package -- Will Go To House Next

Update (1532ET): After much wrangling, the Democrats finally passed their sweeping economic package through the Senate on Sunday.

The estimated $740 billion "Inflation Reduction Act" - far less ambitious than their original $3.5 trillion vision - next heads to the House, where its passage is a foregone conclusion. According to Axios, a vote could come as early as Friday before it heads to President Biden's desk.

The package includes provisions to address climate change, pharmaceutical costs, and a supercharged IRS.

"It’s been a long, tough and winding road, but at last, at last we have arrived," said Senate Majority Leader Chuck Schumer (D-NY). "The Senate is making history. I am confident the Inflation Reduction Act will endure as one of the defining legislative measures of the 21st century."

As the Washington Post notes, "Senators engaged in a round-the-clock marathon of voting that began Saturday and stretched late into Sunday afternoon. Democrats swatted down some three dozen Republican amendments designed to torpedo the legislation. Confronting unanimous GOP opposition, Democratic unity in the 50-50 chamber held, keeping the party on track for a morale-boosting victory three months from elections when congressional control is at stake."

And as Axios reports,

The Senate returned to the Capitol Saturday afternoon, and began voting late Saturday night and into Sunday on a series of amendments — part of the process known as "vote-a-rama."

  • Senate Republicans offered dozens of amendments aimed at minimizing the bill, including stripping out funding for the Internal Revenue Service and eliminating COVID-19-related school mandates.
  • Democrats held firm in their unity, with the help of Harris, of preserving the core elements of the package and voting down each GOP amendment.

.  .  .

The bill includes:

  • $370 billion for climate change - the largest investment in clean energy and emissions cuts the Senate has ever passed.
  • Allows the federal health secretary to negotiate the prices of certain expensive drugs for Medicare.
  • Three-year extension on healthcare subsidies in the Affordable Care Act.
  • 15% minimum tax on corporations making $1 billion or more in income. The provision offers more than $300 billion in revenue.
  • IRS tax enforcement.
  • 1% excise tax on stock buybacks.

Drilling down on the climate portion - Axios' Andrew Freedman writes:

  • This includes tax incentives to manufacture and purchase electric vehicles, generate more wind and solar electricity and support fledgling technology such as direct air capture and hydrogen production. 
  • Independent analyses show the bill, combined with other ongoing emissions reductions, would cut as much as 40% of U.S. greenhouse gas emissions by 2030, short of the White House's 50% reduction target. However, if enacted into law, it would reestablish U.S. credibility in international climate talks, which had been flagging due in part to congressional gridlock. 
  • As part of Democrats' concessions to Sen. Manchin, the bill also contains provisions calling for offshore oil lease sales in the Gulf of Mexico and off the coast of Alaska, and a commitment to take up a separate measure to ease the permitting of new energy projects. 

*  *  *

Senate Democrats late on Aug. 6 advanced a mammoth spending bill on climate and energy, health care, and taxes, after overcoming unanimous Republican opposition in the evenly divided chamber.

The procedural vote to advance the Democratic bill - which authorizes over $400 billion in new spending - was 51–50 after Vice President Kamala Harris arrived at the Capitol to cast a vote, breaking the deadlock in the Senate over the measure that Democrats say would reform the tax code, lower the cost of prescription drugs, invest in energy and climate change programs, all while lowering the federal deficit.

The vote means that senators will have 20 hours to debate on the measure, followed by a vote-a-rama, a marathon open-ended series of amendment votes that has no time limit. After that, the bill will head to a final vote. The measure is anticipated to pass the chamber as early as this weekend.

The House, where Democrats have a majority, could give the legislation final approval on Aug. 12, when lawmakers are scheduled to return to Washington.

The vote came after the Senate parliamentarian - the chamber’s nonpartisan rules arbiter - gave a thumbs-up to most of the Democrats’ revised 755-page bill.

But Democrats had to drop a significant part of their plan for lowering prescription drug prices, Parliamentarian Elizabeth MacDonough said.

The provision would have essentially forced companies not to raise prices higher than inflation. MacDonough said Democrats violated Senate budget rules with language in the bill imposing hefty penalties on drugmakers who raise their prices beyond inflation in the private insurance market.

As Mimi Nguyen Ly details at The Epoch Times, while the bill’s final costs are still being determined, it includes about $370 billion on energy and climate programs over the next 10 years, and about $64 billion to extend subsidies for Affordable Care Act program for federal subsidies of health insurance for three years through 2025.

It also seeks generate about $700 billion in new revenue over the next 10 years, which would leave roughly $300 billion in deficit reduction over the coming decade, which would represent just a tiny proportion of the next 10 year’s projected $16 trillion in budget shortfalls.

A large portion of the $700 billion—an estimated $313 billion—is expected to be generated by increasing the corporate minimum tax to 15 percent, while the remaining amounts include $288 billion in prescription drug pricing reform and $124 billion in Internal Revenue Service tax enforcement.

According to the current version of the bill, the new 15 percent minimum tax would be imposed on some corporations that earn over $1 billion annually but pay far less than the current 21 percent corporate tax. Companies buying back their own stock would be taxed 1 percent for those transactions, swapped in after Sinema refused to support higher taxes on private equity firm executives and hedge fund managers. The IRS budget would be increased to strengthen its tax collections.

The White House said in a statement of administrative policy on Aug. 6 that it “strongly supports passage” of the bill.

“This legislation would lower health care, prescription drug, and energy costs, invest in energy security, and make our tax code fairer—all while fighting inflation and reducing the deficit,” the statement reads.

“This historic legislation would help tackle today’s most pressing economic challenges, make our economy stronger for decades to come, and position the United States to be the world’s leader in clean energy.”

Republicans say the legislation is simply an alternate, dwindled version to the Democrat’s earlier Build Back Better bill—a multitrillion-dollar social spending package that was a major agenda of President Joe Biden—that Democrats have now dubbed the “Inflation Reduction Act of 2022.”

Senate Minority Leader Mitch McConnell (R-Ky.) said Democrats “are misreading the American people’s outrage as a mandate for yet another reckless taxing and spending spree.” He said Democrats “have already robbed American families once through inflation and now their solution is to rob American families yet a second time.”

“There is no working family in America whose top priorities are doubling the size of the IRS and giving rich people money to buy $80,000 electric cars,” McConnell said in a separate statement on Twitter.

“Americans want Washington to address inflation, crime, and the border—not another reckless liberal taxing and spending spree.”

Democrats have said the measure would “address record inflation by paying down our national debt, lowering energy costs, and lowering healthcare costs,” but Republicans have criticized the measure as having no potential other than to make matters worse, nicknaming the legislation “Build Back Broke,” in part because the bill would fulfill many parts of Biden’s Build Back Better agenda.

“The time is now to move forward with a big, bold package for the American people,” said Senate Majority Leader Chuck Schumer (D-N.Y.).

“This historic bill will reduce inflation, lower costs, fight climate change. It’s time to move this nation forward.”

But not every Democrat is buying what Chuck is selling...

As John Solomon reports at JustTheNews.com, Sen. Bernie Sanders, the former presidential candidate and proud socialist, on Saturday attacked President Joe Biden‘s Inflation Reduction Act for failing to live up to its name, after the non-partisan Congressional Budget Office declared it would have a minimal impact on surging prices.

“I want to take a moment to say a few words about the so-called Inflation Reduction Act that we are debating this evening," Sanders said just after voting with Democrats to advance the bill to debate on the Senate floor.

"I say so-called because according to the CBO and other economic organizations that have studied this bill, it will in fact have a minimal impact on inflation."

CBO declared this week that the $740 billion piece of legislation would only affect inflation by 0.1% in either direction.

"I don't find myself saying this very often. But on that point, I agree with Bernie," Sen. John Thune, R-S.D., told Insider.

Overall, economic analysts are divided on the measure, with some having predicted that the bill will worsen inflation and lead to stagnation in growth.

As Will Cain explained in an excellent monologue reality check, "look at the name of the bill, whatever it is, you can be sure the legislation will do the opposite."

Finally, as Goldman details in a new notes, the net fiscal impact of these policies continues to look very modest, likely less than 0.1% of GDP for the next several years...

While the final outcome may still yet differ in details, the fiscal impact is likely to be similar.

Tyler Durden Sun, 08/07/2022 - 15:32

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This Week in Apps: French developers sue Apple, time spent in apps grows, Instagram adds NFTs

Welcome back to This Week in Apps, the weekly TechCrunch series that recaps the latest in mobile OS news, mobile applications and the overall app economy….

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Welcome back to This Week in Apps, the weekly TechCrunch series that recaps the latest in mobile OS news, mobile applications and the overall app economy.

Global app spending reached $65 billion in the first half of 2022, up only slightly from the $64.4 billion during the same period in 2021, as hypergrowth fueled by the pandemic has slowed down. But overall, the app economy is continuing to grow, having produced a record number of downloads and consumer spending across both the iOS and Google Play stores combined in 2021, according to the latest year-end reports. Global spending across iOS and Google Play last year was $133 billion, and consumers downloaded 143.6 billion apps.

This Week in Apps offers a way to keep up with this fast-moving industry in one place, with the latest from the world of apps, including news, updates, startup fundings, mergers and acquisitions, and much more.

Do you want This Week in Apps in your inbox every Saturday? Sign up here: techcrunch.com/newsletters

Top Stories

Mobile users are spending 4-5 hours per day in apps

Image Credits: data.ai

Looks like we’re all still addicted to our apps! A new report this week from data.ai (previously App Annie), found that consumers in more than a dozen worldwide markets are now spending four to five hours per day in apps. While the daily time spent in apps varies by country, there are now 13 markets where users are spending more than four hours per day using apps. These include Indonesia, Singapore, Brazil, Mexico, Australia, India, Japan, South Korea, Canada, Russia, Turkey, the U.S. and the U.K.

And, in three of those markets — Indonesia, Singapore and Brazil — mobile users are spending more than five hours per day in apps.

While the growth in app usage has slowed a bit from the second quarter in 2020, it’s worth noting that two years ago was the height of COVID lockdowns, which drove app usage to spike across all categories as users worked, shopped, banked, gamed and studied, and attended meetings, school and events from home. If anything, that means the slowdown in growth seen in a couple of the markets is only representative of a normalizing of trends, not a larger decline.

And some markets saw significant growth in app usage over the past two years. In the second quarter of 2020, Singapore users were spending 4.1 hours in apps. Now that’s grown to 5.7 hours. In Australia, users went from 3.6 hours to 4.9 hours from Q2 2020 to Q2 2022. Both represent a 40% rise in time spent.

French iOS developers sue Apple over App Store fees

Apple app store iOS

Image Credits: TechCrunch

Apple is facing another antitrust lawsuit over its App Store fees, this time filed by a group of French iOS app developers who are suing the tech giant in its home state of California. The plaintiffs are accusing Apple of anti-competitive practices in allowing only one App Store for iOS devices, which gives it a monopoly in iOS app distribution and the ability to force developers to pay high commissions on in-app purchases.

The complaint argues that these commissions, on top of Apple’s $99 annual developer program fees, cut into developers’ earnings and stifle innovation — and yet developers aren’t permitted to offer alternative payment methods per Apple’s App Store rules, nor can they distribute their apps to iOS users outside of the App Store, despite Apple allowing this on Mac computers.

The case is now one of several antitrust legal battles Apple is facing, including the high-profile lawsuit with Fortnite maker Epic Games, which is under appeal, and another by alternative app store Cydia.

Developers involved in the class action include Société du Figaro, the developer of the Figaro news app; L’Équipe 24/24, the developer of L’Équipe sports news and streaming app; and le GESTE, a French association comprised of France-based publishers of online content and services, including iOS app developers.

Of note, the case is being led by U.S.-based Hagens Berman law firm, which last year won a $100 million settlement against Apple over App Store policies and recently filed a $1 billion case against Apple over antitrust issues with Apple Pay. The lawyer involved also previously secured a $560 million settlement against Apple regarding e-book price-fixing and a $90 million settlement on behalf of Android developers. In France, Paris-based antitrust lawyer Fayrouze Masmi-Dazi is helping manage the claims.

New data on in-app subscriptions shows the first month is key

Subscription management service RevenueCat took a deep dive into more than 10,000 subscription apps across iOS and Android to see how subscription renewal rates stacked up. It found that monthly subscriptions had a median first renewal rate of 56%, which would increase over time. In other words, customers who didn’t get value from the app would churn in the first month — an indication of how important it is to convince users of that value in their first days using the service. In subsequent months, renewals were higher — 75% or 81% for the second and third months, for instance.

The company analyzed its own customer base data for the analysis, but notes it’s not showing all renewals on RevenueCat, as that would bias the data toward larger customers, like VSCO. Instead, it looked at the median of each individual app’s renewal rates.

In addition, RevenueCat developer advocate David Barnard pointed out that a lower renewal rate may not necessarily be a bad thing, depending on the business. For instance, if the developer was acquiring users organically at a low cost, a lower rate could be better than a higher renewal rate with expensive customer acquisition costs.

Weekly News

Platforms: Apple

  • Apple is expanding its App Store ads. The company previously offered two ad slots, on the main Search tab and in the Search results. The new ad slots will be available on the App Store’s Today tab and at the bottom of individual app pages in the “You Might Also Like” section.
  • Bloomberg reported that iPadOS 16 will be delayed about a month as Apple works on its multitasking features. The report says this would put the release in October, alongside macOS Ventura.
  • A new report indicates iOS has lost 4% of ad spend market share since the launch of ATT, which makes targeting advertising more difficult for iOS developers. Its share dropped from 34% in April, down 4% YoY according to Adjust.
  • Digiday reports Apple may be building its own demand-side platform, based on a job posting looking for a senior manager for a DSP in its ads platform business. Apple’s DSP may be focused on serving ads on its own properties, like the App Store, but the company declined to confirm details.

Platforms: Google

  • Google revealed the finalists for the Indie Games Festival, which highlights some of the best games on Google Play. This year, the company is hosting the Festival in South Korea, Japan and Europe for local developers on September 3. At the European finals, Google will also reveal the 2022 class joining the Indie Games Accelerator, a program that provides indie game devs with training and mentorship.
  • Google offered a guide to Android developers as to how to support predictive back gestures, as it’s making an early version of the UI available for testing with Android 13, Beta 4.

E-commerce

  • Facebook’s live shopping feature is shutting down on October 1 to shift the company’s focus to Reels. After this date, users will no longer be able to host new or scheduled live shopping events, but they’ll still be able to use Facebook Live for other live events — but won’t be able to create product playlists or tag products in those streams.

Fintech

  • Coinbase partnered with BlackRock, which oversees $10 trillion in assets, to provide its institutional clients with access to cryptocurrency.
  • Starbucks Rewards, the coffee company’s loyalty program that doles out perks for customers’ purchases, will expand to include NFT rewards as part of a broader web3 push. The company said it’s being advised by Starbucks Mobile Order & Pay architect Adam Brotman on the effort, where NFT rewards will translate into exclusive content and “one-of-a-kind” experiences.
  • The SEC is probing trading app Robinhood’s compliance with short selling rules. The SEC has been investigating since October 2021 and requested additional info from the company in Q2 2022. Robinhood also announced headcount reductions of 23% after posting a $295 million quarterly loss. In addition, New York’s State Dept. of Financial Services fined Robinhood’s crypto unit $30 million for violating anti-money laundering and cybersecurity regulations.
  • An exploit in the Slope mobile wallet was possibly to blame for a major network attack that saw thousands of wallets drained of millions of dollars.
  • iOS 16 beta 4 added support for Apple Pay in non-Safari browser apps including Chrome, Firefox and Edge, likely in response to the EU’s Digital Markets Act.

Social

instagram testing nfts

Image Credits: Instagram

  • Instagram expanded support for NFTs to more than 100 countries in Africa, Asia-Pacific, the Middle East and the Americas after first launching a test of the new feature in May. Users will be able to connect their digital wallet, and share NFTs to the Feed, Stories or in messages. They can also automatically tag creators and collectors for attribution. The feature relies on Coinbase Wallet and Dapper integrations and the Flow blockchain.
  • Instagram head Adam Mosseri is temporarily moving to London to work from Meta’s King Cross offices as the company rethinks how to shape its plan to take on TikTok with Reels.
  • TikTok is on track to overtake Facebook in influencer marketing spend in 2022, and will overtake YouTube by 2024, per an analyst report. However, Instagram this year will still capture 3x the influencer marketing dollars as TikTok, or $2.23 billion versus TikTok’s $774.8 million.
  • The Washington Post reported video entertainment app Triller failed to make promised payments to a number of Black creators. Triller denied the claims.
  • Discord announced it will finally bring its Android app into parity with its iOS counterpart. The new Android app has been rebuilt with React Native, which will allow it to expedite new feature releases and bug fixes.
  • Pinterest missed on earnings and delivered zero user growth in its most recent quarter — it’s stuck at 433 million MAUs. The company cited a combination of factors for its issues, including the lingering impacts of the pandemic, reduced traffic from search engines, the rise of TikTok and — like many companies reliant on digital advertising, the broader economic environment. Still, the stock popped on the news (up 20% after hours) as revenue was close to expectations ($664.9 million) and the company was praised by new investor Elliott Investment Management.
  • Pinterest also began testing a new app, Shuffles, for collage-making and leaderboards. But the app, which includes image cut-out features and animation, requires an invite for the time being.
  • A top anonymous social app, NGL, which hit the top of the App Store earlier this summer, was forced to adjust its app to stop tricking users into thinking they had received messages from friends, when really a bot was delivering them. Both it and rival Sendit also changed their subscriptions to include more features than just “hints” about who was sending the messages.

Dating

  • Match Group said Tinder CEO Renate Nyborg is leaving after less than a year and it’s reorganizing the app’s management team after disappointing earnings. It also said it’s not moving forward with plans for Tinder Coins, its virtual currency, nor its plans for a dating metaverse. The company wanted to characterize this stoppage as merely a pause, but did not offer any sense as to if or when it would revisit these ideas. Instead, the company spoke of plans to introduce shorter-term subscriptions on Tinder while it tries to figure out why it couldn’t convince new people to try dating apps.
  • TikTok-style dating app Desti launched to match up users by fav date destinations, initially in its debut market of Austin.

Messaging

  • Kakao blamed Google’s new payment policies for a decline in the number of emoji subscription purchases on the messaging app KakaoTalk. The figure dropped by a third over the year, the South Korean app maker said in its quarterly earnings call Thursday.
  • Google is merging its Meet and Duo apps. Duo is being rebranded as Meet (the mobile app will be updated with the new branding). This will include features from both of the apps. Meet will be called Google Meet (original) and will be eventually phased out in favor of the new Meet. Not confusing at all!
  • Brazilian prosecutors asked WhatsApp to delay the launch of the Communities feature in Brazil until January in order to avoid spreading misinformation about the October election.

Streaming & Entertainment

Image Credits: Spotify

  • Spotify updated its app to address a long-standing user complaint with music playback — but it’s asking customers to pay for the fix. The company announced it will introduce a separate Play Button and a Shuffle Button at the top of albums and playlists to make it easier to play the music the way you like. This replaces the combined button available before. However, the new button is only being offered to Spotify Premium subscribers, despite arguably being a UI/UX issue that should be available to all.
  • Clubhouse began beta testing a new feature, private communities called Houses, which allow a group of friends to hang out, catch up, hop from room to room and more. The Houses can be kept private and closed or users can each nominate a few friends to join.
  • Spotify’s biggest playlist is getting its own video podcast. The company said Brandon “Jinx” Jenkins, the podcast host of “Mogul” and “No Skips,” will host the new “RapCaviar Podcast.” The new video podcast will explore the rap genre and include panels of guests.
  • SoundCloud announced it was laying off 20% of its global workforce due to the challenging economic environment. Staff in the U.S. and U.K. will be informed if they’re impacted.
  • TikTok has been filing “TikTok Music” trademarks in global markets, suggesting the company is considering a launch of some sort of music streaming service similar to its existing service in select markets known as Resso.

Gaming

Image Credits: Sensor Tower

  • A new report indicates most mobile gaming genres saw revenue declines in the U.S. during the first part of the year. According to Sensor Tower, Arcade and Tabletop games were the only categories with revenue growth. Arcade was the fastest growing genre, with player spending up 14.8% year-over-year to approximately $176 million. Top games included Clawee, Gold & Goblins and Idle Mafia. Tabletop grew 1% YoY to $388.8 million. However, in terms of revenue, Puzzle was the largest with $2.3 billion, down 8.8% YoY. It was followed by Casino ($2.2 billion) and Strategy ($2 billion). Gaming downloads also declined 2.5% YoY to 2.4 billion.
  • Apple Arcade added a handful of new games to the service, including the popular Jetpack Joyride, as well as Amazing Bomberman, My Talking Tom+ and Love You to Bits+. The company also recently pulled 15 games from the subscription service.
  • Blizzard and NetEase scrapped plans for a World of Warcraft mobile game after a disagreement over financial terms for the title, Bloomberg reported. NetEase disbanded a team of more than 100 developers tasked with creating content for the game — only some of whom were given internal transfers.
  • Amazon’s cloud gaming service, Luna, which allows users to play on mobile, tablet, PC or Mac, now supports Samsung Gaming Hub on Samsung’s smart TVs and monitors.

Transportation & Travel

  • Uber partnered with the Berlin-based travel service Omio in order to test train and bus bookings in its U.K. app. Omio’s inventory includes more than 1,000 transport providers.

Utilities & Productivity

  • Google Maps and Search apps now allow merchants to label their businesses as “Asian-owned,” following similar additions that allowed labeling businesses as Black-owned, Latino-owned, veteran-owned, women-owned or LGBTQ+-owned.
  • Microsoft launched a new Outlook Lite app for low-powered Android phones aimed at users in emerging markets.

Government & Policy

  • The European Commission is investigating Google Play’s policies over possible antitrust issues, according to Politico. Specifically, the investigation is looking into billing terms and developer fees, the report said.

Security & Privacy

  • Security researchers found an error in more than 3,200 mobile apps, which would allow them to take full or partial control of Twitter accounts. The names of impacted apps have not yet been disclosed.
  • A ruling by European Union’s top court may have major implications for online platforms and apps that use background tracking and profiling to target users with behavioral ads or for personalizing content. It set a precedent that even this inferred data derived from things a company learned about a user could be considered personal data.

Funding and M&A

Dating app Desti raised $1 million in early-stage funding in July at a $5 million valuation. The company also makes a related app for friends, Besti.

Uber to sell stake its 7.8% stake in the food delivery app Zomato for $350 million+ after taking a $707 million loss on the deal in H2 2022.

Locket, a popular app that lets you post photos to your friends’ homescreens, raised $12.5 million in seed funding from OpenAI CEO Sam Altman, Sugar Capital, Costanoa Ventures, along with Instagram co-founder Mike Krieger and Quora CEO Adam D’Angelo.

Downloads

Banish

A new app for iPhone users can help you browse the web without being constantly bothered by pop-up panels that beg you to use the company’s app instead. The app, called Banish, is a Safari extension that helps remove the “open in app” banners from various websites and other popups that block content across a number of sites, like Reddit, TikTok, LinkedIn, Twitter, Quora, Medium, Yelp and some Google sites, to name a few.

While there are a number of similar Safari extensions for blocking cookie banners and ads, the scourge of the “Open in App” banners is often not addressed by existing solutions.

To use Banish, you’ll first install the app to your iPhone, then configure it in the Settings. This involves a few key steps for Banish to function properly. There are two places where Banish needs to be enabled, under Safari Extensions — you need to toggle on the switch next to Banish under “Allow These Content Blockers” and “Allow These Extensions.” Then you need to set the “Allow” permission to “All Websites” below. You can read more about Banish here on TechCrunch or download it from the App Store for $1.99.

 

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