The Cynic: August 18

BUSINESS
This Week’s Business News

Air Canada’s cabin crews are striking, and passengers are now in a hostage situation with pretzels.

For the third straight day, Air Canada flights were disrupted after contract negotiations broke down with flight attendants. The dispute? Wages, working conditions, and the right to not age 10 years on a 12-hour flight.

Thousands of passengers were stranded, flights were delayed or cancelled, and suddenly the airline's slogan—"Fly the Flag"—feels like a warning.

Management says they’re working on a resolution. Meanwhile, the cabin crews are working on not being treated like emotional support snacks.

Soho House is going private in a $2.7B deal—Ashton Kutcher included.

The members-only club chain is getting bought out by its founders and a private equity firm, taking the company private after a rocky two years on the public market. They also added Ashton Kutcher to the board, because why not throw in a celebrity distraction when announcing a billion-dollar restructuring?

The stock had dropped nearly 75% since its IPO, and investors were less than thrilled with its “exclusive but somehow always empty” vibe.

Going private will allegedly let the company refocus on “long-term growth,” which in Soho House speak means “repainting the pool deck and hoping Kendall Jenner shows up.”

Novo Nordisk is now offering Ozempic for $499/month—because that’s what they think affordability looks like.

Eligible U.S. patients without insurance can now get Ozempic at a capped price, as the Danish drugmaker responds to pressure over GLP-1 drug pricing. Just don’t call it cheap—it’s affordable the same way a $7 protein bar is affordable if you squint.

The discount is part of an effort to improve access and reduce health inequality, which is ironic considering Ozempic is already America’s most aspirational diabetes medication.

Novo is also investing $6B in U.S. production, which sounds great… until you realize half of that is probably just to build another pharma-themed golf course.

REAL ESTATE
This Week’s Real Estate News

Homebuilder confidence just fell to its lowest level since 2022—and that was before the rates hit 7.5%.

The National Association of Home Builders reported another drop in builder sentiment, citing weak buyer demand, high mortgage rates, and a growing sense that no one wants to pay $950K for a house with fake shutters and an HOA.

Even with falling material costs, builders say customers are balking at monthly payments—and incentives like “free granite” aren’t moving the needle anymore.

The outlook? Cautious. As in, “we’ll build the house, but we’re not putting the appliances in until you show up with a loan approval.”

Foreclosures are quietly creeping back—especially in Florida, Nevada, and Maryland.

In July, foreclosure filings rose 5% nationwide, with Florida leading the way. It’s not 2008 all over again, but it’s giving prequel energy.

High rates, expired pandemic-era protections, and rising insurance costs are all pushing struggling homeowners to the edge—and sometimes over it.

If you’re in the market for a distressed property, congratulations: the listings are back. Just bring cash, a generator, and probably a contractor.

July’s CPI came in lower than expected, but don’t start popping mortgage champagne just yet.

The Consumer Price Index rose 3.2% year-over-year in July—slightly cooler than anticipated—but it’s not enough to convince the Fed to cut rates anytime soon.

Shelter costs were still the biggest driver, and unless rent prices crash or everyone suddenly moves in with their parents, mortgage rates are staying in “spicy” territory.

So yes, inflation is cooling. But like a microwave burrito, it’s still molten in the middle—and the Fed knows it.

FUN
Riddle Me This

I rise when hope is high,
I fall when rates do too.
I’m listed, shown, then ghosted—
What am I to you?

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ADVICE
This Week’s Business Advice

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SPONSORSHIP
This Week’s Partner

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