💪 Latino biz rebounds

Plus: Tesla had a day | Thursday, February 16, 2023

Open in app View in browser   Presented By SiriusXM   Axios Closer By Hope King and Nathan Bomey · Feb 16, 2023 Thursday ✅. Today's newsletter is 646 words, a 2½-minute read. 🔔 The dashboard: The S&P 500 closed down 1.4%. Biggest gainer? West Pharmaceutical (+14.5%), on stronger than expected Q4 results. Biggest decliner? Organon (-15.0%), the pharmaceutical company, after its Q4 results failed to impress investors.     1 big thing: Latino businesses bounce back Illustration: Aïda Amer/Axios   Latino-owned businesses in the U.S. are more likely than white non-Hispanic ones to say they've recovered from the pandemic and are performing better than before, according to a new report. State of play: The annual Stanford Latino Entrepreneurship report, released today, focuses on the fastest-growing segment of the U.S. business population, Axios Latino co-author Marina E. Franco writes. An expanded customer base, which includes a growing share of government contracts, ranked among the top factors for their stronger recovery. By the numbers: 23% of Latino-owned businesses said they've recovered and are doing better than before the pandemic, compared to 18% of white non-Hispanic-owned businesses. Stanford surveyed about 10,000 companies with at least one employee. The big picture: Despite a disproportionate impact from the pandemic, Latino-owned businesses are among the fastest growing in numbers and revenue, according to several studies and reports. Yes, but: Latino businesses still struggle to access financing and are dealing with more acute staffing shortages than others, per the Stanford report. They are denied bank loans at higher rates than white businesses, even when they have similar credit scores or higher revenue rates, the report says. That makes Latino businesses twice as likely to use personal or family savings. What they're saying: "Latino-owned firms are fueling the U.S. economy and are drivers of growth activity, innovation and job creation," says Mikal Quarles, managing director and head of diverse strategies for business banking at JPMorgan Chase. Go deeper.     2. Charted: A RealReal stock dive Data: Yahoo Finance; Chart: Axios Visuals The stock market reality for The RealReal is looking ugly, Nathan writes. The company announced today plans to lay off 7% of its staff and close two flagship stores, two neighborhood stores and two consignment offices. Context: The company — which has never reported a quarterly profit since going public in June 2019 — had 3,500 employees, 16 stores, 19 consignment offices and four authentication centers as of Sept. 30. Go deeper.     3. What's happening 🤖 Microsoft Bing's new AI-powered chat mode is freaking people out. (Axios) 📺 YouTube CEO Susan Wojcicki will step down. (Axios) 🍔 DoorDash forecasts profit growth, as people can't quit takeout. (Bloomberg)     A message from SiriusXM Stream SiriusXM now and get 3 months for free     Stream more than 425 channels on your devices for free on the SXM App, including expertly curated ad-free music, live sports, personalized stations and more. Next steps: Sign up now to get 3 months free. Cancel anytime. Learn more about the offer and start streaming. See offer details.     4. Alleged retaliation, announced recall Photo: Patrick T. Fallon/AFP via Getty Images   Tesla had a not-so-great headline day. Driving the news: This morning, a workers union accused the company of firing dozens of workers at its Buffalo, New York, plant in retaliation for a union campaign. Separately, the company said it is recalling 362,758 vehicles equipped with its controversial Full Self-Driving beta (FSD) software. Details: In a complaint filed with the National Labor Relations Board, the Workers United labor union — which has helped unionize hundreds of Starbucks cafes — asked the NLRB for an injunction, Axios' Ivana Saric writes. Tesla workers at the Buffalo plant announced their union campaign on Tuesday. Meanwhile, federal safety investigators found that the FSD software in Tesla's cars allows some to speed or behave unpredictably at intersections, which could increase the risk of a crash, Axios' Joann Muller writes. Tesla made the voluntary recall while "not concurring with the agency's analysis."   Share Axios and earn rewards If you like this newsletter, your friends may, too! Refer your friends and get free Axios swag when they sign up. Be a good friend and share   5. Seacrest out Ryan Seacrest and Kelly Ripa in March 2020. Photo: Astrid Stawiarz/Getty Images   Ryan Seacrest is exiting "Live with Kelly and Ryan," and co-host Kelly Ripa is staying close to home with his replacement, Nathan writes. "Seacrest Out." Ripa's husband, Mark Consuelos, is in. Details: Seacrest made the surprise announcement on this morning's show, calling it a "bittersweet" moment after six years. "This is something that she and I have been talking about for a long time and it was a tough, tough decision," the "American Idol" host said. Worth noting: Consuelos has been a regular presence on the show for years, having guest hosted for Seacrest. Ripa often discusses their relationship on the show when he's not there. "He can't wait because he's got a lot of grievances to air," Ripa joked today.     6. What they're saying "We understand the residents are concerned as they should be." — White House press secretary Karine Jean-Pierre, saying the Biden administration will hold rail operator Norfolk Southern accountable for the freight train derailment in East Palestine, Ohio.     A message from SiriusXM Get free access to music, sports, news and more     Subscribe to SiriusXM Streaming and get access to 3 months of free: Expertly curated ad-free music. Pandora artist stations. Live sports. Celebrity hosts, comedians and newscasters. Howard Stern and more. More info: Listen on your phone, at home and more with the SXM App. See offer details.   Today's newsletter was edited by Pete Gannon and copy edited by Sheryl Miller. ✏️ Was this email forwarded to you? Sign up here to get Axios Closer in your inbox. Why stop here? Let's go Pro. 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