Venice is one of Italy’s most historic and picturesque cities — but its famous canals, cathedrals, and red rooftops have created an overcrowding conundrum in its narrow streets. The city is testing out a first-of-its-kind tourist entry fee during peak vacation seasons to reduce crowds. While that may be less than a Starbucks drink, the fee has sparked controversy and riots among locals and travelers alike. Under the plan, visitors will be charged €5 on select busy days — with exemptions carved out for those staying in city hotels or individuals under 14. The aim isn’t to generate tax revenue ..read more

In a tough luxury landscape, Hermès ($HESAY) has emerged as the clear leader, boasting a massive 17% sales increase in the first quarter. This puts it ahead of rivals LVMH ($LVMUY) and Kering ($PPRUF) — whose sales grew by 2% and declined by 10%, respectively. Hermès’ dominance is nothing new — it has been outshining the turbulent luxury sector for four years. According to the report, Hermès recorded a 14% sales surge in Asia (excluding Japan) — a major win given the slowing demand for luxury goods in China. The brand’s loyalty remains strong, thanks to demand for its famed Birkin bag — which ..read more

It’s okay to admit it — few expected the US economy to stay this strong after the Fed’s relentless push to raise interest rates. IThe US has seen records across its stock market, consumer spending, and productivity in recent months. But with rates at generational highs and inflation proving stubborn, the once-solid foundation of this strength is finally starting to show cracks. Yesterday, the Commerce Department announced that first-quarter gross domestic product (GDP) grew by only 1.6% — falling short of the 2.4% forecast by economists polled by WSJ. This unexpected slowdown stemmed from wea ..read more

Sometimes in life, you’re the windshield — and sometimes, you’re the bug. But after years of being the bug, insurance companies are hoping to become more durable in their next life. In 2023, global insurance losses exceeded $123B according to Gallagher Re — the fourth consecutive year with losses exceeding $100B. With this unsettling trend unlikely to change, insurers are pulling out the stops to ensure they control the windshield in 2024. Insurer comeback: Catastrophe losses more than doubled from 2019 to 2022 as natural disasters and higher prices affected domestic insurers. Last year ..read more

Packing your bags used to be just about fitting everything in, but now it’s also about making room for those soaring baggage fees. Last year, the top 20 global airlines pocketed $33B in baggage fees — a hefty 15% increase from the year before. Depending on the airline, checking a bag can cost anywhere from $25 to $89, prompting more travelers to pack lighter to avoid these charges. In 2023, bag fees made up 4.1% of global airline revenue — up from 3.7% in 2019 — making it a significant source of income for airlines outside of onboard purchases. In 2024, the average checked baggage fee increas ..read more

With declining cigarette sales, Philip Morris ($PM) is embracing a smoke-free future. The controversial tobacco brand saw an 8.3% sales increase in the first quarter, fueled by growing demand for its Zyn nicotine pouches — which saw shipments rise 80% compared to the same period last year — and its IQOS heated tobacco sticks, which experienced a ~21% sales boost in Q1. Philip Morris has big plans for diversification, aiming for over half of its revenue to come from non-cigarette products by 2025/2026 — and two-thirds by 2030. This contrasts with competitor Altria ($MO), which spent over $20B ..read more

Investors, please put on your seatbelt — Boeing ($BA) is hitting some rough patches in the stock market. Already down more than 36% this year, the aerospace manufacturer just released its first full quarter of earnings since the harrowing door blowout on an Alaska Airlines ($ALK) 737 MAX 9. And the damage is evident: its revenue dropped by 8%, marking the company’s first decline in seven quarters. Boeing made 36% fewer jets in the first quarter amid a crackdown on its production line, which aims to increase oversight of the production process and fix quality problems. The slowdown caused Boei ..read more

For decades, music labels were the only investors in the music industry — offering artists upfront cash in exchange for a share of their future earnings. But with legacy music businesses languishing, investment firms like Apollo ($APO) and BlackRock ($BLK) are pouring billions into buying stakes in artists’ catalogs, hoping to cash in on the music industry’s growth. However, not all investors are hitting the right notes. Hipgnosis no more: Take Hipgnosis Songs Fund ($HPGSF), the first publicly traded music investment company. They’ve splashed out nearly $2.2B to acquire over 57K music royalty ..read more

Cathie Wood’s ARK funds have hit an iceberg, but will it sink or sail on? Just four months into 2024, the investment firm’s once-revered exchange-traded funds (ETFs) have seen $2.2B in outflows — with its flagship ARK Innovation ETF ($ARKK) hit the hardest. The recent downturn surpasses last year’s outflows, bringing total assets down to $11.1B — a stark drop from a high of $59B in 2021. Back in 2020, ARK funds attracted $20B in deposits — but since then, the firm has seen a staggering $14.3B in investor money vanish, making it the biggest loss among asset managers over the past decade. To st ..read more

If you’re having trouble filling your prescription meds, you aren’t alone. Right now, there are over 323 drugs in short supply, which is the highest it’s ever been. All drug classes are affected, from generic cancer drugs to commonly prescribed ADHD medication like Adderall. The frustrating part? Most of it is self-inflicted. Overseas competition has suppressed generic drug prices — making it unprofitable for most domestic drugmakers to produce them. As for Adderall, a confusing mix of rising demand, supply-chain issues, and DEA-imposed restrictions have led to a shortage since Oct. 2022. No ..read more