More companies take a stand on abortion

Yelp, an online search and review platform, is expected to announce today that, from next month, it will cover costs for its employees and their wives who have to travel outside the state for abortion care, reports Alisha Haridasani Gupta of the Times and Lauren Hirsch of Dilbook. This is the latest company to respond to Texas law that prohibits abortion after about six weeks of gestation.

The San Francisco-based company has 4,000 employees, including just 200 in Texas, where the ban has been in place since September. However, the benefit will be extended to employees in other states who may be “affected by current or future measures that limit access to covered reproductive healthcare,” a spokesman said.

Abortion is becoming an issue in the workplace. “The ability to control your reproductive health, and whether you want to expand your family when you need it, is fundamental to being able to succeed at work, “said Maryam Warren, Yelp’s chief diversity officer. Last month, Citigroup became the first major bank to say it would pay travel costs for workers affected by Texas abortion law, where it has 8,000 employees. Uber, Match Group and Salesforce have introduced similar policies.

“Backlash gets a lot more attention,” Warren said he was concerned about possible pushback on the new company’s policy. (A Texas legislator has warned that he would like to prevent City from underwriting municipal bonds in the state unless it withdraws its travel spending policy.) Got it. Access

Executives are increasingly seeing their need to address divisive social issues., Such as reproductive rights, because they have strong views on issues of workforce and customer bases, which are not always synced. For companies operating across the country, this is compounded by the increasingly sharp political divisions between states.

This has implications for recruitment, Which is Especially important in a tough labor market. “I think the question for these companies is really going to be: where do you want to be? Are you in a place where women have extraordinarily limited reproductive rights? Will you be able to hire women to come there?” Caitlin Myers, an economist at Middlebury College, who tracks the economic impact of reproductive policy. Warren said the policy helps maintain a more diverse and inclusive workforce. “We want to be able to recruit employees and retain them wherever they are,” he said.

President Biden has announced a new measure to reduce petrol prices. The White House plans to allow the sale of gas with higher ethanol content this summer, temporarily removing a restriction that blocks mixing during the warmer months when fog is a problem. The move is expected to reduce gas prices by about 10 cents per gallon.

PG&E has reached a settlement of $ 55 million on two fires. The civil settlement, which includes funding for local bodies, schools and government agencies, allowed PG & E to avoid criminal prosecution for its role in last year’s Dixie fire – the second largest in state history – and the Kincaid fire in 2019.

Philadelphia is the first major U.S. city to return a masked mandate. Wearing masks inside the city will become mandatory again next week as officials try to stem the rise of coronavirus cases.

China’s cowardly lockdown has led to further shutdowns. IPhone assembler Pegatron and German auto parts maker Bosch are the latest to stop production in China due to epidemic restrictions.

In the case of severe covid, an experimental drug has halved the mortality. The new drug, sabizabulin, has reduced mortality among hospitalized patients on clinical trials so much that monitors have suggested it be discontinued immediately, its manufacturer says. Shares of Veru, which plans to apply for urgent FDA approval, more than doubled yesterday.

This morning, the government will announce March inflation. A large number of economists are expecting prices to rise to their highest levels since the early 1980s, worrying that inflation will remain high despite slowing economic growth – an unwelcome combination.

But while prices are rising, there is no expectation of long-term inflation. Yesterday, the New York Fed reported that inflation expectations for three years from now, based on a consumer survey, fell to 3.7 percent, lower than the month before the 4-plus-percent reading at the end of last year. Although it is still higher than the previous epidemic, the recent downturn in three-year expectations is in stark contrast to the one-year growth expectation.

It is not clear why consumer forecasts for long-term inflation have not risen. The elements of continued price rise are clear, the epidemic is still disrupting the supply chain and increasing the cost of Ukraine’s war products. It may be that since inflation has generally been low in recent decades, consumers expect it to remain that way, eliminating the risk of inflation becoming self-evident.

As a result, some economists are warning not to rely too much on expectations. For most of the past decade, as inflation has eased, consumers have consistently expected it to be more than realistic. So it may be that expectations are off again, this time on the other side. “The link between inflation and expectations is often less compelling than believing,” Dean Baker, dean of the Center for Economic and Policy Research, told Dilbook.

For full coverage of today’s inflation report, see Times special briefingWhich will be updated throughout the day.


– Jason Goldman, who was on Twitter’s founding team and served on its board of directors The drama that social media companies face As Elon Musk’s largest shareholder. All bets are off now that Musk, the billionaire Tesla chief and outspoken Twitter user, has declined an invitation to join the Twitter board, which would impose various restrictions on his actions.


The Times reports Keith Bradshaw says the Chinese government’s campaign to redistribute resources has lagged behind, following a terrible regulatory crackdown on the private sector.

It is more of a strategic retreat than abandoning a plan to promote “common prosperity.” The Communist Party acknowledges that the move to rein in the country’s corporate titans has upset investors at home and abroad. China’s top leader Xi Jinping is preparing to demand a third five-year term by the end of the year.

The government’s crackdown has removed more than $ 1 trillion from the Chinese company’s value, Under his leadership, challenges Shir’s efforts to show that the country is becoming more prosperous. China’s economic outlook has recently become more uncertain amid rising commodity prices and a tough coup.

“Under President Xi Jinping, the Chinese government system is like a sports car – Gas pedals and brake pedals work extremely fast, “said Li Daokui, director of the China Center for Global Economy at Xinhua University in Beijing. “When he wants to implement a policy, even a long-term policy, the car is instantly accelerated, and it may not be what it was intended to be.”


Silver Lake is leading a 150 million funding round for Genies, an avatar technology company that provides digital tools to create and sell characters, clothes, and space online. And social experience, the Dilbook first reports. This is the latest push on Web3 by traditional investment firms, the name of the cryptocurrency industry for a decentralized Internet built on blockchain networks. Investment worth $ 1 billion Genies.

Things, founded in 2017, previously raised $ 100 million with investors, including former Disney CEO Bob Eger, who now serves on the Janis board, and Mary Micker’s venture capital, Bond. The company declined to release any financial figures, or whether it was profitable.

How it works: Users of Genies deduct 5 percent from each sale of Genies Mint Nonfunctional Tokens, or NFTs, which they may sell in an online marketplace. It has opened up its consumer-centric “Avatar Tools” by invitation only, but plans to roll them out more extensively this summer. The company’s success will depend on whether people in the virtual world known as Metavers spend time building their digital identities.

“Metaverse is really about freedom,” Akash Nigam, a co-founder of Genius, told Dilbook that customizable avatars allow people to express themselves differently in the online world than in real life. The company has partnered with record labels such as Universal and Warner to work with artists such as Justin Bieber, Migos and Cardi B.

“We are only trying to invest in very good technology companies,” he said. Egan Durban, co-chief executive of Silver Lake. “Sometimes it’s a small company like that, and other times it’s a big, big company that needs to be transformed.” Silver Lake has famously led Dell’s blockbuster shopping, but it has also given money to smaller, smaller companies like Things. Other investments in the private equity group at Web3 include Fanatics, which owns Candy Digital, an NFT sports collectible company, and Alchemy, a blockchain development platform.

Russia-Ukraine war

  • The governor of the Russian Central Bank has spent years trying to modernize the country’s monetary policy, only to break up much of what he has created. (WSJ)

  • A Russian newspaper has hired a Russian TV producer who blocked a news broadcast with anti-war posters. (Bloomberg)

  • Nokia has said it will pull out of Russia permanently, a day after rival Ericsson took similar action. (NYT)

  • “Buchas Mouth of Terror” (NYT)

Deal

  • The publishing company, headed by Charlie Munger of the Daily Journal, Berkshire Hathaway, has cut its holdings in Chinese e-commerce giant Alibaba by almost half. (CNBC)

  • Israel’s NSO Group, a blacklisted software company used by the government to create spyware, was considered “worthless” by its private equity supporters. (FT)

  • Before many SPAC mergers were announced, there was a curious spike in warrant trading. (Bloomberg Business Week)

Policy

  • Amazon’s plans to finance affordable housing near the new Washington DC-Area campus are benefiting some of the area’s poorest residents so far. (WAPO)

  • At least a dozen potential presidential candidates in 2024 are using nonprofits to raise “dark money” with some revelations. (Politics)

  • The first chief economist at the European Central Bank says the bank is pursuing a “misguided policy” on inflation. (FT)

The rest is the best

  • The “Fearless Girl” statue will be out of the NYSE for now. (NYT)

  • Wonderful-laced earnings calls and meetings are on the rise. (WSJ)

  • “Since remote work is permanent, can Manhattan adapt?” (NYT)

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