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Presented By Equitybee |
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Axios Closer |
By Hope King and Nathan Bomey · Oct 03, 2022 |
That's a wrap on Monday! Let's get down to it... Today's newsletter is 682 words, a 2½-minute read. π The dashboard: The S&P 500 closed up 2.6% on the first day of trading in the fourth quarter after ending Friday at its lowest level of the year. - Biggest gainer? Marathon Oil (+10.6%), leading the sector up on a report that OPEC+ is considering cutting oil output to bolster prices.
- Biggest decliner? Tesla (-8.6%), after the EV maker reported third-quarter deliveries below analyst expectations.
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1 big thing: Four-day weeks |
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Illustration: Brendan Lynch/Axios |
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More companies are testing shorter workweeks, as employers grapple with widespread worker burnout amid the tight labor market, Hope writes. Why it matters: While four-day workweeks are nowhere close to becoming the norm, the pandemic has put new momentum behind the idea. Driving the news: Starting today, 28 companies collectively employing over 4,000 people in the U.S. and Canada will begin a six-month pilot of shortened workweeks. - There are currently about 150 other firms in the U.K., Australasia region and Ireland also testing the shortened workweek, each being run in partnership with nonprofit group 4 Day Week Global.
What they're saying: The idea has emerged as a new way to attract talent during the pandemic, Hazel Gavigan, global campaigns and activation officer at 4 Day Week Global, tells Axios. - Atom bank in the U.K. saw a 500% uptick in job applications for open roles two months after moving to the four-day model, she notes.
- Its staff reported feeling less stress and were more inclined to look forward to work each day.
The big picture: Not all industries can implement four-day workweeks. Health care, first-responder and service providers still need to cover shifts, which would increase costs for additional workers if salaries remain unchanged. - But for those industries that can, employers have had to contend with the realization that workers can produce the same amount of work (if not more) in a remote world.
What to watch: Workers are increasingly banding together to protest pre-pandemic expectations, such as daily office commutes. Go deeper. |
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2. Charted: Credit Suisse tumult |
Data: Yahoo Finance; Chart: Erin Davis/Axios Visuals Shares of Credit Suisse, one of the top wealth management firms in the world, barely recovered its losses today after falling to a record low, Hope writes. Catch up quick: Senior executives, including CEO Ulrich KΓΆrner, have spent the past few days trying to reassure clients, investors and employees of the bank's financial health. - The efforts haven't done much to change investor confidence, and a report outlining those efforts today served as just the latest negative trigger for shares over the past 12 months.
Go deeper. |
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3. What's happening |
π΄ Peloton signs Hilton deal to put bikes in 5,400 U.S. hotels. (Bloomberg) π§ Parents have until Nov. 15 to claim child tax credit. (CNBC) π¦ Amazon is launching a new hub for users to access affordable shopping. (TechCrunch) |
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A message from Equitybee |
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4. Kim K's crypto misadventure |
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Photo: Nathan Congleton/NBC via Getty Images |
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Kim Kardashian's enthusiasm for the crypto token EMAX may not have been completely from the heart, and SEC chair Gary Gensler believes her quarter-billion Instagram followers deserved to know exactly how many other reasons she had. - The regulator on Monday announced charges against Kardashian for promoting the cryptocurrency in a social media post in June last year, without disclosing what she had been paid for the promotion, Axios' Dan Primack writes.
Details: Kardashian was paid $250,000 for the post, which included a link to a related website and instructions for potential investors. - Kardashian has agreed to pay $1.26 million as part of a settlement, and she will not promote any cryptocurrencies for the next three years.
The big picture: Federal securities regulators have been cracking down on celebrity crypto endorsements going back to 2017. - At the time, the SEC warned that anyone promoting a virtual token or coin deemed to be a security must disclose "the nature, scope, and amount of compensation" they received.
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5. Tim Cook poo poos the metaverse |
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Illustration: Sarah Grillo/Axios |
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Skeptics of the metaverse have Tim Cook in their corner, Hope writes. - "I'm really not sure the average person can tell you what the metaverse is," CNBC reports the Apple CEO as saying per a Dutch publication.
Why it matters: The comment comes as Meta CEO Mark Zuckerberg plans to spend heavily on a pivot to virtual worlds, while Apple itself stays expectedly quiet on its own virtual reality and augmented reality plans. The big picture: Established companies, startups and celebrities have all rushed to "create" for virtual worlds ahead of consumer awareness and understanding in an attempt to show their savviness. |
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6. What they're saying |
"There are companies that are literally saying, 'we're paying Walmart more in fines [than] we made on this invoice.'" — Stacy Tan, SupplyPike's vice president of retail insights, on retailers like Walmart and Target getting tough with late orders. |
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A message from Equitybee |
Unlock access to high-growth startups |
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Equitybee gives accredited investors unprecedented access to high-growth, VC-backed startups. What's in it for you: Invest in startups at past valuations by funding employee stock options. Then, you receive a portion of the future share. Get started in minutes. |
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Today's newsletter was edited by Pete Gannon and copy edited by Sheryl Miller. |
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