A Southern California man who made it his mission to track down the hit-and-run driver who killed his wife and mother of their eight children led police to an 85-year-old suspect, who was arrested, authorities said.
Opponents of Myanmar's military coup face daily threats and violence, and yet defiance continues.
The SPAC surge continues unabated, with 10 new ones formed since Wednesday morning. And that's OK.Between the lines: There are growing concerns that retail investors are about to get rolled, with smart sponsors taking advantage of dumb money.Get market news worthy of your time with Axios Markets. Subscribe for free.To be sure, many of these deals will fail. SPACs (special purpose acquisition companies) are pulling venture capital forward, and venture capital is inherently speculative.And regulators should watch closely for conflicts of interest, including if SPAC sponsors are having pre-IPO conversations with potential targets (which is not allowed).Reasons for (relative) calm: Unlike traditional venture capital or equities investing, though, SPACs have numerous guardrails.Some of them are structural. Redemption rights, IPO proceeds held in escrow via T-bills and the ability for unit-holders to rebuff a merger.There also is pricing pressure from the small number of institutional investors that have come to dominate the PIPE market. For example, it's not uncommon for a SPAC to win a bake-off by offering the highest price, only to renegotiate down after the letter of intent is signed. Not because the SPAC sponsor thinks it over-bid, but because the big PIPE players do."Target companies hate when this happens, but they're in an exclusivity period once they've signed the LOI, so their only option is to negotiate or wait a while and start the whole thing over," a SPAC banker explains.Normal market forces are also at work. For example, the SPAC buying Dyal Capital is now just trading at 4 cents above the offering price, reflecting concerns about if the deal can get done amidst the litigation. And, of course, there are short-sellers trumpeting their skepticism, like Muddy Waters yesterday unloading on SPAC'd XL Fleet.The bottom line: It does feel like there's a SPAC bubble. But, as investing bubbles go, SPACs may be among the most benign.Like this article? Get more from Axios and subscribe to Axios Markets for free.
- The Independent
Deal ends six-hour standstill over measures to help unemployed
The United States on Thursday announced new export restrictions for Myanmar, and blocked the country's defense and home affairs ministries and other entities from some types of trade.The big picture: The new rules come in response to the escalating military crackdown on anti-coup protesters in Myanmar. Stay on top of the latest market trends and economic insights with Axios Markets. Subscribe for freeProtests erupted after the country's military leaders overthrew its democratically elected government on Feb. 1.Police and military officials have killed at least 54 people and "arbitrarily" detained over 1,700 during the anti-coup protests, according to the United Nations human rights commissioner."The junta is using existing draconian provisions of the Penal Code to crack down on freedom of expression," the UN special rapporteur said in a report Thursday. Details: The new rules include a more restrictive review of license applications for exports and reexports involving sensitive items subject to the Export Administration Regulations (EAR) to any end user in Myanmar. Exports of items intended for military use are subjected to additional restrictions under the EAR, with applications reviewed "under a presumption of denial."The Bureau of Industry and Security (BIS) is applying the measures "consistently with the policy applied to similar transactions involving the People’s Republic of China, Russia, and Venezuela."BIS has also added Myanmar's defense and home affairs ministries, the Myanmar Economic Corporation and the Myanmar Economic Holding Limited to the Entity List, which is used to limit export licensing for individuals or organizations "reasonably believed to be involved ... in activities contrary to the national security or foreign policy interests of the United States."What they're saying: "The United States remains fully committed to the people of Burma, and strongly condemns violence by the Burmese military against peaceful protesters," the Commerce Department said in a statement. "We will not allow the Burmese military to continue to benefit from access to items subject to the EAR. Commerce is reviewing potential additional measures as warranted by the military’s actions," the department added. "The U.S. government will continue to hold perpetrators of the coup responsible for their actions."Like this article? Get more from Axios and subscribe to Axios Markets for free.
- The Independent
‘I collided with the establishment’: Inside the Wallis and Edward TV interview that rocked the monarchy five decades before Meghan and Harry
Harry and Meghan’s upcoming Oprah interview recalls the last time two royal exiles agreed to a televised sit down with the BBC in 1970
- The Week
Federico Klein, a former State Department aide who worked on former President Donald Trump's 2016 campaign, was arrested Thursday on charges related to the Jan. 6 Capitol riot, the FBI announced Thursday night. This is the first known instance of a Trump appointee facing prosecution in connection with the attack, Politico reports. An FBI Washington Field Office spokeswoman told Politico that Klein, 42, was taken into custody in Virginia, but did not release any information on the charges against him. Federal Election Commission records show Klein worked as a tech analyst for the 2016 Trump campaign, Politico says, and after the election he was hired at the State Department. A federal directory from last summer lists Klein as a special assistant in the Bureau of Western Hemisphere Affairs, making him a "Schedule C" political appointee, Politico reports. On Jan. 6, a pro-Trump mob stormed the Capitol in an attempt to stop Congress from certifying President Biden's victory. Klein's mother, Cecilia, told Politico on Thursday night that he told her he was in Washington, D.C., on the day of the riot, and "as far as I know, he was on the Mall." She is a retired economist and trade official, and told Politico because of their different views, she rarely spoke about Trump or politics with her son. "Fred's politics burn a little hot," she said. "But I've never known him to violate the law." More stories from theweek.comWhy the Dr. Seuss 'cancellation' is chillingWhat Republicans talk about when they talk about the 'working class'Two top Cuomo aides leave amid sexual harassment, nursing home scandals
- The Independent
Obama administration greatly expanded the use of drone strikes before later imposing checks
Disney World guests with COVID rage spit and yell at resort staff trying to enforce safety guidelines, report says
Employees of Orlando's Walt Disney World Resort told the Orlando Sentinel about the harassment workers face when trying to enforce mask-wearing.
- Business Insider
Rudy Giuliani's legal woes mount as a federal criminal investigation into his Ukraine dealings resumes, report says
Giuliani, Trump's longtime personal attorney, is also facing lawsuits linked to his baseless claims of voter fraud during the presidential election.
- Business Insider
Cuomo skipped sexual harassment training - that he himself mandated - by having a staffer complete it for him, accuser says
When asked by a reporter Wednesday if he had taken the sexual harassment training, Cuomo said, "Short answer is yes."
- Business Insider
The Wall Street Journal ridicules Trump in public feud after the paper questioned his usefulness to the Republican Party
Wall Street Journal's editorial board suggests Trump needs therapy to get over his election failure, following a broadside from the former president.
Nicolas Cage, 57, tied the knot with Riko Shibata, 26, in Las Vegas on February 16.
Inaugural poet Amanda Gorman said a security guard followed her and told her she 'looked suspicious' when entering her own building
"This is the reality of black girls: One day you're called an icon, the next day, a threat," Gorman said in a tweet about the incident.
- Business Insider
A handful of QAnon followers flew all the way from California to DC in hopes of watching Trump's March 4 'inauguration'
March 4 had become a highly anticipated date for followers of the QAnon conspiracy theory, who believed it was the day Trump would return to power.
A teenage girl wearing 'Everything will be OK' T-shirt was shot in the head on Myanmar's bloodiest day of protests yet
Nineteen-year-old Kyal Sin had proudly cast her first vote last year in the very elections Myanmar's military has tried to annul with its ongoing coup.
The day after he single-handedly delayed the U.S. Senate's debate on President Joe Biden's $1.9 trillion COVID-19 relief bill for 11 hours, Republican Senator Ron Johnson said on Friday that he could retire from office when his term expires. The 65-year-old Republican, who was first elected to the Senate during the Tea Party surge in 2010, had pledged to spend only two terms in the Senate.
- The Independent
‘People need the help now’: Senate at standstill over coronavirus relief as Biden makes final plea for passage
Senators pause debate over $1.9 trillion plan amid disarray over Republicans’ 11th hour objections to unemployment aid
- Business Insider
An anonymous source who is familiar with an FBI cellphone data report says there was communication between the two.
Miley Cyrus said playing her alter ego Hannah Montana on her hit Disney show led to an 'identity crisis'
Miley Cyrus appeared on the "Rock This with Allison Hagendorf" podcast on Friday and spoke about her hit TV show where she starred as Hannah Montana.
- The Daily Beast
Camden County JailA prominent Lake of the Ozarks real estate agent and self-described “cheer mom” has been arrested for allegedly trying to put a hit out on her former mother-in-law. Prosecutors in Camden County say Leigh Ann Bauman, 43, offered to pay $1,500 to people in St. Louis to make her former mother-in-law’s death “look like an accident.” She was reportedly concerned about the woman causing problems with her relationship with her kids.Bauman was recorded discussing the scheme, according to a press release from the Camden County prosecutor’s office. She was given multiple opportunities to change her mind when asked by a witness-turned-informant if she was sure she wanted to carry out the killing, prosecutors said, but she moved ahead with it, at one point acknowledging that she was a Christian but noting she could always ask for forgiveness later.The realtor also is said to have made no secret about her alleged plans. After sending a text message to her daughter that said, “Your grandmother will die,” Bauman allegedly plowed ahead with the plan and pushed for her former mother-in-law to be killed in the small town of Hermann.Her alleged murder-for-hire plot fell apart when an attorney for a person who was solicited to hire people to carry out the killing contacted the Missouri Highway Patrol. She was arrested on Thursday and charged with conspiracy to commit murder and is currently being held without bond in the Camden County Jail.“We’re very appreciative of what the witness did in this case,” Camden County Prosecutor Caleb Cunningham said Friday. “We encourage anyone to contact law enforcement if there’s a crime or suspected crime.” “A local realtor had several political connections and the witness was aware of these political connections,” Cunningham said. “Out of an abundance of caution, DDCC was used to avoid any hint of impropriety,” he said, referring to the Missouri Highway Patrol Division of Drug and Crime Control.Bauman, who describes herself as a realtor, an artist, an entrepreneur, and a “cheer mom” on her Facebook page, frequently posted online about her “track record of success.” While she was most well-known as a realtor, with nearly 20 years in the industry, she also apparently set a world record in a boating race last year. Her LinkedIn account also mentions work in pharmaceutical sales and an acting and modeling career, with appearances on Days of Our Lives and in Nike commercials.Read more at The Daily Beast.Get our top stories in your inbox every day. Sign up now!Daily Beast Membership: Beast Inside goes deeper on the stories that matter to you. Learn more.