20231105

Americans Are Walking 36% Less Since Covid

Metro areas in the Midwest saw the largest decline, with Akron, Ohio, and Louisville, Kentucky, topping the list. From 2019 to 2022, both saw nearly 50% declines in average daily walking trips, which include any outdoor travel on foot totaling at least 250 meters, or 820 feet. Each of the 15 largest metros in the US saw a drop of at least 27%.

The authors note that the gains were largely concentrated in areas with warmer temperatures, which could indicate a concerning trend. “If walking is declining less in warm weather metros, or coming back faster, it suggests that walking is becoming primarily a form of recreation,” says Adler. “That’s good for public health, but if we’re thinking about climate, and if walking is less of a utility mode, then it’s going to be much harder to replace vehicle trips with walking trips.”

This alarming new record comes even though vehicle trips also dipped from 2019 to 2022, albeit by just 4%, according to the StreetLight report. Despite fewer pedestrians and slightly fewer vehicles in the streets, traffic experts say motorists are driving faster and more dangerously, tempted in part by emptier roadways during the pandemic. Cars have also gotten bigger, heavier and higher off the ground, which make them deadlier upon impact. Traffic enforcement, meanwhile, has fallen off substantially due to police staffing shortages and policy changes.

Much of the growth is driven by the rising popularity of shared electric bikes, which accounted for 20 million trips nationally in 2022, up 38% from 2021. E-scooter trips made up half of all rides, totaling 56.5 million. The remaining rides were made up of shared non-electric bikes.

EK: Walk for brain. Walk for leisure. I think it’s just that cold temperature prevents walking, not that people walk for fun at high temperatures.

Amazon’s Jeff Bezos Announces Move to Miami From Seattle

Amazon.com Inc. founder Jeff Bezos said he was moving to Miami from the Seattle region, relocating to be closer to his parents and the Cape Canaveral operations of Blue Origin LLC, his space exploration company.

Bezos — the world’s third-wealthiest man, according to the Bloomberg Billionaires Index — made the announcement Thursday via Instagram, which included video of him in his Seattle garage where he founded Amazon in 1994.

“I’ve lived in Seattle longer than I’ve lived anywhere else and have so many amazing memories here,” Bezos said. “As exciting as the move is, it’s an emotional decision for me. Seattle, you will always have a place in my heart.”

Amazon helped transform Seattle — the company is the city’s biggest private employer — into a technology hub with offices in the downtown core. Bezos stepped down as Amazon chief executive officer in 2021 to become the company’s executive chairman. He was succeeded by Andy Jassy.

Bezos has recently bought two homes in Indian Creek, a man-made barrier island in the larger Miami area known as the “Billionaire Bunker.” He paid $79 million for a seven-bedroom mansion after purchasing the neighboring property for $68 million.

Miami has increasingly become a destination for the ultra-wealthy and their companies, offering a combination of lifestyle and low taxes.

EK: Miami sure is a great place to live. Private island ownership in Miami is a dream for anyone with money.

South Korea to Ban Short-Selling of Stocks Until June Next Year

“The short-sell ban will further jeopardize Korea’s chances of moving from Emerging Market to Developed Market,” Freitas said. “Expect bubbles to form in pockets of the market that are favored by retail investors as short selling no longer acts as a brake on absurd valuations.”

The financial regulator said there was a need to preemptively respond to growing market uncertainties, and there were concerns that routine naked short-selling could undermine the formation of fair prices. It said authorities have found circumstances of possible naked short selling after discovering cases of the practice by global banks.

The investors say short-selling leads to unfair advantages for foreign and institutional investors.

South Korean President Yoon Suk Yeol and his party have campaigned for reforms as they face the upcoming general election, including changes to the pension system and the prevention of market monopolies. Yoon’s popularity edged up in recent months to a high of 34% on Friday, after his support dropped last year.

The regulator’s ban coincides with a nascent recovery in the main South Korean equity benchmark index. The Kospi has rebounded in November after suffering its worst monthly drop in October amid foreign selloffs. The index is still down more than 10% from its August peak.

EK: Recent scandals of stock price manipulation through short-selling, followed by regulations.