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Defaults Expose Cracks in High-Flying Private Credit

Wall Street Journal: The boom in private credit that made direct lenders Wall Street celebrities is now looking more stressed under the hood. The Wall Street Journal reports that an analysis of funds managed by Ares Blackstone Blue Owl Golub and KKR found loan defaults to be at the highest levels since 2021. This is despite executives playing down their concerns. Blue Owl co-CEO says “credit health is strong,” yet defaults on loans reached a 5-year-high 2.8% during the second quarter. Other rivals are seeing a rise in nonperforming loans, mostly in the healthcare and energy sectors.
One more pressure point is the internal “watchlists”, which contain a list of unreliable borrowers. These lists have swelled at Ares, Golub and KKR to the highest level since the previous Fed rate hike cycle. This suggests that more problems could come even though the US economy is holding up. The returns, which were once consistently above 10% are now slipping to 7% and worse. This threatens the appeal that attracted wealthy investors. Matt Wirz’s article in the Wall Street Journal explains how this tension could change private credit. This trouble has been building for some time.
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Powerball jackpot nears $1 billion after no one won $905 million grand prize

Powerball reports that since there were no winners of the $905 Million Powerball jackpot on Monday, it is estimated that Wednesday’s grand prize will be $975,000,000. Estimated cash value is at least 422.3 million dollars. As more tickets are purchased, jackpots will tend to increase.
The winning numbers for Monday were 6, 37. 54. 55. 64. With a Powerball score of 10.
According to the Multi-State Lottery Association, the estimated cash value will be used if a winner chooses an immediate payout over 30 payments spread out over 29 years. The cash value of both options is before tax.
The drawing on Wednesday will mark the 44th Powerball jackpot since May 2 when tickets bought in Florida and Texas shared a 20 million dollar prize.
If Wednesday’s Powerball jackpot reaches $1 billion, this would mark the 15th occasion in U.S. history that the level has been reached.
In November 2022, a $2.04 billion Powerball ticket purchased in California won the largest Powerball and lottery jackpots ever.
Tickets for Powerball cost $2. Powerball tickets cost $2. Tickets purchased in the U.K. only contribute to the Powerball jackpot. Lower-tier prize structures are different.
Powerball’s grand prize is 1 in 292 201 338.
The Powerball is drawn on Mondays, Tuesdays and Saturdays 10:59 pm ET. ET.

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Check your ticket

Powerball’s eighth largest jackpot is close to $1 billion. It reached an estimated $905million with a value in cash of $391.95 million on Monday, August 10.
Last time anyone won a Powerball jackpot it was May 2 when tickets from Texas and Florida shared a jackpot of $20 million. This sparked a rolling streak which has transformed a modest prize to one of the largest lottery payouts in the past year. Powerball is also experiencing its largest expansion for years.
Players in the United Kingdom will be able to buy tickets for the top prize and potentially bring millions of players into the game.
What you should know about the Powerball draw on Monday evening
What are the winning Powerball numbers for August 10?
Powerball numbers: 10, 6, 37, 54 55 64. Power Play multiplier: 3x
What is the date of next Powerball?
Next Powerball draw will be held on August 12 at 10:59 pm. ET. Powerball website allows you to watch the drawing live.
You can also watch Powerball videos on the YouTube channel. Every week, Powerball draws are held on Mondays, Wednesdays, and Saturdays.
The largest Powerball jackpot ever won
California will have $2.040 billion in November 2022
Arkansas will have $1.817 billion in 2025.
Missouri and Texas will have a combined $1.787 billion in 2025.
California will have a total of $1.765 billion in October 2023.
California, Florida and Tennessee accounted for $1.586 billion in January 2016.
Oregon will have a $1.326-billion revenue on April 6, 2024
California will have a $1.08 billion revenue on July 19, 2023
Winner of $905 Million on August 10, 2026 is TBD
Michigan will have a total of $842.4 Million on January 1, 2024
On March 27, 2019, $768.4 Million in Wisconsin 27th, 2019 in Wisconsin
Powerball – How to Play
In 45 states and Puerto Rico, Powerball tickets cost $2 each.
This can be done at many different locations including local convenience stores, gas stations, and even grocery stores. Powerball tickets are available online in some states depending on the local jurisdiction.
You will need to choose six numbers from your tickets. The white balls will have numbers 1 to 69. Red Powerball numbers range from 1 to 26, while the white Powerball is numbered 1-69.
For $1 people can add “Power Play”, which will increase the prize money for any non-jackpot winnings. This “Power Play multiplier” can increase winnings up to: 2X or 3X.
Quick Pick is also available if you prefer that the computer selects the numbers. The player must get all the white balls and red Powerball in the same order to win.
The cash prize increases if no jackpot winner is found.
You must be an American citizen to play Powerball.
No. That’s the short answer.
If you are visiting any of the 45 US states, Puerto Rico and the U.S. Virgin Islands (including the District of Columbia), then anyone can buy lottery tickets at an authorized retailer, provided they have the required legal age. This is usually 18 years of age.
Powerball has grown to its largest extent in many years
British players now compete for the same prize as U.S. competitors, but there are some key differences between how tickets are purchased and prizes paid.
In the United Kingdom the Powerball ticket costs 4 British Pounds, which is about $5.32. This compares to $2 in the United States. Although U.K. sales of tickets contribute to the jackpot shared, lower-tier prize are distributed through separate prizes.
The payouts for jackpots also differ. U.S. lottery winners have the option of a lump sum cash payment or annual payments spread over 30 years. U.K. lottery winners receive payments every year for 30 years.
Anthony Thompson
Fernando Cervantes Jr., a reporter at USA TODAY who covers trending stories. Reach him at fernando.cervantes@usatodayco.com and follow him on X @fern_cerv_.

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Zuckerberg’s superyacht ignored emergency channel, failed to aid stranded boat

Ship-tracking data partially confirmed social media reports that Mark Zuckerberg’s $300 million yacht failed to help stranded boats off the Alaskan coast. This led the US Coast Guard as well as a Zuckerberg spokesperson to respond.
Michael Love, who was a passenger on board the Wilderness Legacy replica during a cruise in Alaska, shared the incident via the social media site Bluesky. After the US Coast Guard failed to reach Zuckerberg’s yacht Launchpad with a radio call for assistance, the ship diverted its course in order to save a 21-foot boat containing two women, a young child, and a pet dog.
Love described the Alaskan cruise passengers’ reaction to Zuckerberg’s lack of assistance.
Halifax Shipping News shared a Halifax Coast Guard statement in which they described the US Coast Guard being called for help by stranded vessel near Point Highland (Alaska) at 9:32pm on 3 August. The Coast Guard, after determining that the boat was not in danger, broadcast a marine aid request asking nearby mariners to volunteer their help.
It is important to note that nearby vessels are not required by law to assist. The Coast Guard would have been legally obliged to respond if it had determined that the boat in distress was an emergency. Both international maritime law as well as US law would then require ship captains render assistance.
Love, a passenger on the Wilderness Legacy, believes that although Launchpad’s $30 million support vessel, Wingman was not required to help in this situation, they missed an opportunity to make a difference.
Love, in an Alaska Beacon Bluesky message said: “I would love to be Mark Zuckerberg and do something good for someone who is in need. I might even get some PR from it.”
A spokesperson from the Chan Zuckerberg Initiative told Halifax Shipping News, and Alaska Beacon that Zuckerberg was not on board the yacht at the time the accident occurred.
The ship tracking data revealed
Ship tracking data, using AIS data broadcasted by both vessels shows that Zuckerberg’s superyacht of 387 feet was moving slightly ahead at first. Launchpad then slowed down and let Wilderness Legacy pass.
Wilderness Legacy seems to have assisted the stranded vessel, according to a YouTube video that shows the AIS track paths. Coast Guard confirmed the ship tow the boat into Farragut Bay to find a safe anchorage. The Alaska Beacon also reported that Wilderness Legacy refueled the skiff to continue its journey.
Launchpad, Zuckerberg’s yacht, was not mentioned in the Coast Guard announcement.
YachtWorld describes Launchpad’s Wingman support ship as having deck space to carry a Triton submersible that can be used as a superyachts’ personal submarine, as well as water scooters and multiple small boats.
The ship-tracking data show that Wingman passed both Launchpad as well as the Wilderness Legacy, without ever stopping. Launchpad resumed its movement after Wilderness Legacy returned from assisting the small skiff.
Missed emergency broadcast
A spokesperson for Zuckerberg explained why Launchpad initially did not respond to Coast Guard requests for help.
The Coast Guard had noted that the boat wasn’t in distress. By the time crew members reviewed Coast Guard contacts on another radio channel than the one on which they were working, assistance was underway,” said the spokesperson in a statement released to news outlets. We’re thankful that all involved parties were safe.
Sheldon Whitehouse, a Rhode Island Democrat senator and member of an exclusive sailing club himself, criticized in a recent Facebook post the superyacht of Zuckerberg for its lack of responsiveness. Whitehouse said that vessels are required to watch channel 16 all the time for exactly this purpose. Whitehouse wrote, “Do billionaires also not follow this rule?”
According to the US Government’s Radio Watchkeeping Regulations, any VHF Marine radiotelephone equipped vessel must keep watch on Channel 16, which is reserved for emergency messages. This requirement applies even when the radiotelephone itself isn’t being used. Most marine radiotelephones have features such as dual- or tri-watch that allow them to monitor multiple channels. The emergency channel is given priority.
According to eSysman (the host of The Yacht Report, who uses a pseudonym), there are always multiple VHFs located on the bridges of ships such as Launchpad, with at least one of them monitoring the emergency channel. In a video on August 10, eSysman stated that there is never a situation in which a boat would be underway without a VHF radio on its bridge.
This means that any ship nearby monitoring the channel would have been able to hear the boaters’ request for help from the Coast Guard, as well as the Coast Guard’s subsequent call for assistance. The crew of Wingman, the ship that provided support to the Coast Guard’s broadcast was not able to hear the Coast Guard at first.
According to YachtWorld, Zuckerberg’s yacht has been in the news before for “going dark”, or turning off their AIS transponder to prevent public tracking services. This tactic is only employed by vessels in the “shadow fleet”, such as those carrying oil, gas or illegal fishing boats. It’s also used to avoid public ship-tracking services.
The Coast Guard requires that vessels in US waters keep AIS active for navigational safety reasons. These AIS data tracking helped to shed some light on the latest Launchpad controversy.
The story has been updated to reflect additional information about VHF radios which should have monitored the emergency channel.

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Viral video ignites Shake Shack pricing debate

Recent claims that Shake Shack customers who don’t tip are the ones to get the short straw have gone viral.
B.D. Powell was curious to see if his wife’s idea that the restaurant chain would add a fee for each item purchased by customers who don’t tip well, held any weight. They decided to test it at the self-pay kiosks at Salt Lake City International Airport.
Powell wrote in a TikTok posting on 8 August that his wife said Shake Shack would charge more per item if customers didn’t tip. We’re going to discover the answer.
A couple purchased three “Classic Shakes”, one of which included a surcharge of 49 cents for the addition whipped cream. Before taxes and fees, the subtotal was $18.46.
The kiosk informed the couple that a price update had been made to some of their items when they chose the “no-tip” option. Powell’s video shows that the “pricing upgrade” was a 50 cent surcharge.
Everything just increased by 50 cents. “Everything just went up 50 cents.” Please let everyone know. Powell told Powell, “Do not go there.”
USA TODAY was unable to independently confirm Shake Shack’s first response to Powell, but The New York Post stated that the chain had thanked Powell and his wife for raising the matter.
The outlet stated that “This isn’t a Shake Shack Policy, but we are currently investigating it with our licensed, HMSHost. They operate the Salt Lake City Airport location and kiosks system.”
Shake Shack replies to allegations about increased prices for those who don’t tip
Shake Shack said in a press release to USA TODAY that they do not add any surcharges or price increases to the orders of customers who don’t tip.
The chain stated that it was not Shake Shack’s policy or our licensees to raise the prices of menu items if no tips are added. The pricing problem shared on the internet occurred at a Shack located in an airport that was owned by our licensed HMSHost.
According to Shake Shack HMSHost conducted an investigation and found that the error was caused by a kiosk system unrelated to tipping.
They informed us the problem had been solved. “We’ll work with our partners and continue to ensure that every Shake Shack guest gets the best service.”

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Nearly 30,000 pounds of raw beef recalled over missed import inspection

According to the U.S. Department of Agriculture, the Food Safety and Inspection Service of the U.S. Department of Agriculture (FSIS), nearly 30,000 pounds of raw imported beef from South America were recalled by two states due to the failure of the products to be inspected again after they arrived in the U.S.
FSIS has announced that Florida-based Corte Argentino USA LLC recalls about 29,628 lbs of raw beef imported from Argentina without the benefit of an import inspection into the United States, which examines documentation, labels, packaging, product condition, and samples to check for contamination.
FSIS must re-inspect incoming shipments after they meet the requirements of U.S. Customs and Border Protection and Animal and Plant Health Inspection Service.
More than 3,200 POUNDS of Pastrami, Corned Beef Recalled Over Possible Listeria Contamination
Distributors and retailers were contacted in Florida and Texas to receive the products.
They were manufactured between 15 May and 20 May. The products have a use-by or freeze-by date between September 15 to 20.
This recall involves various weights of cardboard boxes that contain “FrigorIfico Gorina SAIC”, boneless “Top Sirloin Butt”, “Eye Round”, “FrigorIfico Gorina SAIC”, boneless “Topside Cap off” (Nalga AD S/Tapa), “FrigorIfico Gorina SAIC”, boneless “Flat”, (“Carnaza Cuadrada”), and “FrigorIfico Gorina SAIC”,
These products bear the Argentinian establishment code “EST. Ndeg OF. The shipping mark is “26644 – AA”
This issue was found during FSIS routine inspections.
FSIS reported that there have not been any confirmed cases of injury or illness in relation to the recall of products. FSIS urges anyone who is concerned about a possible illness or injury to consult a medical professional.
Regulators say Climbing Ropes are being recalled due to the risk of death from falling.
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FSIS is worried that consumers may have some of the affected products in their refrigerators or freezers.

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