Oakland Coliseum Is Sold as Developer Plans $5 Billion Overhaul
The Alameda County Board of Supervisors unanimously approved a $125 million deal to offload a 50% stake in the property to an affiliate of the African American Sports & Entertainment Group on Tuesday, giving the developer complete control of the Coliseum. The group purchased the other 50% stake earlier this year.
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Fast Company
a minute ago
- Fast Company
Why the Fed will likely keep interest rates unchanged at its upcoming meeting
The U.S. central bank, to President Donald Trump's chagrin, will likely leave interest rates unchanged at a policy meeting this week, but that's not to say there won't be a vigorous debate, with one if not two Federal Reserve governors possibly casting a rare dissent in support of lower borrowing costs. The majority of Fed policymakers, though, remain concerned that Trump's tariffs could undo progress on bringing inflation back to the central bank's 2% goal, outweighing for now worries about the labor market. The trade deal struck between the U.S. and Japan last week, with tariffs set at 15%, and reported progress for a similar rate in talks with the European Union make it more likely that import duties overall will end up well below the punishing levels Trump announced on his April 2 'Liberation Day.' Even so, U.S. tariffs are at their highest level in 90 years, and the effects are starting to show up in household purchases. A surge in prices of goods like furnishings and apparel helped drive overall consumer inflation to an annualized 3.5% pace in June. So soon after a bout of 40-year-high inflation, policymakers fear fast-rising prices could 'freak out' households, as Chicago Fed President Austan Goolsbee sometimes phrases it, triggering a wider inflationary spiral. While Fed Chair Jerome Powell says that is only one of many possible scenarios, he has argued the central bank can wait to learn more before adjusting rates, especially with a 4.1% unemployment rate near or below estimates of full employment. Other data and the outlook amid Trump's broader economic program, including tax cuts and deregulation, invite differing views on the central bank's policy-setting Federal Open Market Committee. 'Considering the clear divergence in the near-term policy outlook between (Fed Governor Christopher) Waller and (Fed Vice Chair of Supervision Michelle) Bowman and the other FOMC participants, we expect both Waller and Bowman to dissent in favor of a 25-bp (basis-point) cut,' wrote analysts at Nomura Securities, one of several Wall Street firms predicting the first double dissent from Fed governors since 1993. Both Waller and Bowman were appointed to the Board of Governors by Trump, who has excoriated Powell for resisting the White House's demand for an immediate rate cut and broached the idea of firing the Fed chief before his term expires next May. Last week, during a rare but tense visit to the Fed's headquarters in Washington, Trump once again pressed the case for lower rates, though he also said he didn't think it was necessary to fire Powell. Waller, who has been mentioned as a possible successor to Powell, sees private-sector job growth nearing stall speed and fears companies could turn to layoffs in the absence of easier credit conditions. Private-sector hiring accounted for just half of the gain of 147,000 U.S. jobs in June, and Waller says other data suggests even that reading overestimates the true increase. Bowman has also expressed worries about labor market deterioration and feels a rate cut may be needed to prevent it. Both are skeptical tariffs will lead to persistent inflation. Several others, including Boston Fed President Susan Collins, also see recent muted price increases as suggesting tariffs may not push up inflation as much as earlier thought. RECORD-BREAKING ECONOMY Ahead of the scheduled release on Wednesday of the Fed's policy statement, the Commerce Department is widely expected to report that economic activity reaccelerated in the second quarter, pushing total output above $30 trillion in non-inflation-adjusted terms for the first time. That may shore up Trump's bragging rights to what he says is a U.S. economy that would take off like a rocket if only the Fed cut rates. But central bankers will see it as more ambiguous. The expected increase follows a first-quarter drop in GDP from a historic rush to front-run Trump's tariffs on imports from U.S. trading partners. 'While a sharp reversal in imports will mechanically boost Q2 GDP, tariff-induced cost pressures, persistent policy uncertainty, severely curtailed immigration, and elevated interest rates are collectively dampening employment, business investment and household consumption,' wrote Gregory Daco, chief economist at EY-Parthenon. 'The U.S. economy continues to navigate a complex set of cross-currents, obscuring a clear reading of its underlying momentum.' Consumer spending, accounting for two-thirds of economic output, has been reasonably strong, with retail sales rising more than expected last month. Though household bank account balances are lower on a year-over-year basis, data from the JPMorganChase Institute last week suggests overall cash reserves are in better shape. Bank credit extended to consumers and businesses is up from the prior year for the first time in more than two years, Fed data shows. Similarly, loan volume and demand rose beginning in late May after sluggish or no growth since the year began, a Dallas Fed survey shows, and bankers expect increased economic activity and rising credit demand through the end of this year. In another sign the economy isn't rolling over, Fed data shows manufacturing output grew last quarter, albeit by a slower 2.1% annualized pace than the first quarter's 3.7% pace. A measure of how fully firms are using their resources edged up to 77.6% in June from 77.5% in May. Still, business investment may be faltering. Data on Friday showed non-defense capital goods orders excluding aircraft unexpectedly dropped 0.7% in June as firms grew more cautious about spending. Other data points to a weakening economy, bolstering the minority argument for rate cuts soon. Employment growth has slowed and hiring breadth is narrowing, led by just a few service-providing sectors. Finding a job after losing one is getting harder. Half of those collecting unemployment benefits remain on the jobless rolls for at least two-and-a-half months. And the housing and construction sectors are clearly on the back foot, feeling the drag of 30-year fixed-rate mortgages hovering near 7%. Overall construction spending has fallen for nine straight months — a streak unseen since the 2007-2009 financial crisis — and new single-family home starts were the lowest in nearly a year in June. Sales of new and existing homes remain anemic. 'Weak housing demand is convincing evidence that rates are still restrictive, with factors like a softening labor market and high uncertainty possibly also weighing on demand,' Citi economists wrote.
TechCrunch
a minute ago
- TechCrunch
Do startups still need Silicon Valley? Find out at Disrupt 2025
As the startup world descends on San Francisco for TechCrunch Disrupt 2025 — happening October 27–29 at Moscone West — one question looms large: does building in Silicon Valley still give founders an edge? With 10,000+ startup and VC leaders gathering for this milestone Disrupt, the conversation around access, geography, and opportunity has never been more timely. On the Builders Stage, Anh-Tho Chuong (Lago), Davice Hall (Revolution), and Heather Doshay (SignalFire) lead a must-attend session for anyone looking to scale smart in today's startup landscape. Register now to save up to $675 before July ends and to join this (and many more sessions). Why this conversation matters now As distributed teams, regional hubs, and global fundraising become more normalized, founders are increasingly asking if their zip code actually gives them an edge. Does being in the Bay Area still open the right doors? Or has the playing field finally leveled? This session brings together startup veterans and seasoned investors who've built and backed companies across the country — and well beyond it. They'll dig into what access looks like in 2025, how remote collaboration has evolved post-pandemic, and where true opportunity lies for emerging founders. Who's taking the Builders Stage for this session Anh-Tho Chuong is rethinking open-source billing with Lago, a YC-backed platform trusted by AI leaders like Mistral and Together. From her time scaling Qonto to her early roles at Weebly and McKinsey, she's no stranger to navigating growth across continents. David Hall has spent the last decade proving that game-changing companies don't have to come out of Silicon Valley. As Managing Partner at Revolution's Rise of the Rest Seed Fund, he's helped build a portfolio that spans the country — backing bold founders in places often overlooked by coastal VCs. Techcrunch event Tech and VC heavyweights join the Disrupt 2025 agenda Netflix, ElevenLabs, Wayve, Sequoia Capital — just a few of the heavy hitters joining the Disrupt 2025 agenda. They're here to deliver the insights that fuel startup growth and sharpen your edge. Don't miss the 20th anniversary of TechCrunch Disrupt, and a chance to learn from the top voices in tech — grab your ticket now and save up to $675 before prices rise. Tech and VC heavyweights join the Disrupt 2025 agenda Netflix, ElevenLabs, Wayve, Sequoia Capital — just a few of the heavy hitters joining the Disrupt 2025 agenda. They're here to deliver the insights that fuel startup growth and sharpen your edge. Don't miss the 20th anniversary of TechCrunch Disrupt, and a chance to learn from the top voices in tech — grab your ticket now and save up to $675 before prices rise. San Francisco | REGISTER NOW Heather Doshay knows how to scale people-first organizations from the inside. As a Partner at SignalFire and former VP of People at Webflow, she's seen how the hiring landscape has shifted for startups outside the Valley — and what it takes to build standout teams in a distributed world. Join the debate at Disrupt Whether you're building from a big city, a small town, or somewhere in between, this session will offer a fresh perspective on where startup success really comes from. Find out what still matters, what doesn't, and how to build your network — no matter your location. Catch this panel live on the Builders Stage at Disrupt 2025, happening October 27–29 at Moscone West in San Francisco. Tickets are moving fast, and prices increase after July — register now to save up to $675 and lock in your spot.
Geek Wire
a minute ago
- Geek Wire
Seattle startup Dropzone raises $37M to supercharge its ‘AI SOC analyst' security software
GeekWire's startup coverage documents the Pacific Northwest entrepreneurial scene. Sign up for our weekly startup newsletter , and check out the GeekWire funding tracker and venture capital directory . The Dropzone team. (Dropzone Photo) Security teams have trouble handling a daily flood of alerts. AI bots can help. That's the premise behind Dropzone AI, a Seattle-based startup that just raised a $37 million Series B round to fuel growth. CEO Edward Wu said the fresh capital gives the company 'capacity and optionality' as it pushes to stay ahead in what he calls the next billion-dollar battleground in cybersecurity. Dropzone's pre-trained AI security agents are designed to act as Tier‑1 SOC (Security Operations Center) analysts. They use large language models and handle repetitive tasks — investigating alerts and escalating incidents that need human review. The agents mimic the thought process and techniques of expert security analysts. The idea is to help alleviate the pressure on security teams as cyber risks rise, and reduce the time needed to respond to threats. Dropzone has more than 100 enterprise customers, from mid-size IT departments to managed security service providers. Clients include UiPath, Zapier, and others. 'This is kind of a needle-mover technology for a lot of different security teams,' Wu said. Revenue more than doubled in Q2 compared to Q1, Wu said. Dropzone AI founder and CEO Edward Wu. (Dropzone Photo) Wu said the system's false‑negative rate is consistently below 1 percent, while false positives drop below 10 percent as the model learns each environment. Dropzone faces growing competition from tech giants like Microsoft and Google, which offer their own autonomous SOC tools, as well as smaller startups. Wu said Dropzone is the only company in its sector that offers a free 'test drive' of its product without needing to talk to a salesperson. 'That has really helped us to show the maturity of our technology,' he said. 'We're not hiding our product behind closed-door demos.' Earlier this year Dropzone rolled out a free browser extension tool called 'Coach' that aims to give security analysts an AI co-worker in their browser. Wu previously spent eight years at Seattle-based security company ExtraHop before launching Dropzone in 2023. Theory Ventures led the Series B round. Madrona, Decibel Ventures, Pioneer Square Labs, and IQT also participated. Dropzone has 28 employees and is actively hiring.
