Good morning. The Morning Brew chinchilla saw his shadow today, so you know what that means: Iced coffee season has officially begun. —Neal Freyman, Max Knoblauch | | | |  | Nasdaq | 13,711.00 | | | | | S&P | 4,488.28 | | |  | Dow | 34,721.12 | | | | | 10-Year | 2.710% | | | | | Bitcoin | $42,675.02 | | | | | Tesla | $1,025.49 | | | | *Stock data as of market close, cryptocurrency data as of 12:00am ET. Here's what these numbers mean. | - Markets: Stocks posted an L for the first time in four weeks. In recent days, Federal Reserve officials warned that inflation was out of hand and they're prepared to slow down the economy to get prices back to normal. Not good for tech stocks.
- Ukraine: At least 50 people were killed and almost 100 wounded after a Russian missile struck a train station in eastern Ukraine as civilians were trying to flee the area. Photos show that a message had been scribbled in Russian on the rocket: "For the children."
| | | | Yang Jianzheng/VCG via Getty Images As many of you enjoy your weekend without a hint of "Covid" crossing your mind, residents of Shanghai, a city of 25 million, will spend another Saturday in lockdown, where they've been for more than a week. They're not happy. Because the pandemic is more than two years old and effective vaccines are widely available, the extended lockdown is testing residents' patience with their government's drastic "Zero Covid" approach—which is only magnified in a city as cosmopolitan and economically influential as Shanghai. - Angry residents have posted on social media about shortages of food and essential goods. One pregnant woman who tested positive pleaded for help after she was turned away from a hospital.
- During an anti-lockdown protest at a Shanghai housing complex, people chanted "we want to eat" and "we want freedom," according to Bloomberg. That video was taken down by the tech company Tencent.
How bad is Covid there, anyway? The current outbreak in Shanghai, which is the handiwork of the Omicron variant, is the worst flare up in the country since Wuhan in 2020. 131,000+ cases have been detected in Shanghai since March 31, and more than 21,000 new infections were recorded on Friday alone. So far in the wave, authorities have reported no deaths. Most of the world would probably shrug its shoulders at that caseload…but not China. From the very beginning of the pandemic, it's been quick to order people to stay in their homes to root out numbers of infection you can count on your hands. That's spared it the high death toll of other countries, but by sticking to this strategy in spring 2022, it's left itself vulnerable to complaints from citizens who say these policies are more harmful than the disease itself. Big picture: Shanghai is trying to keep its factories and ports running through workarounds (like by having employees sleep at their workplaces), but you cannot simply lock down a major global city without a degree of economic disruption. Expect to hear deep sighs about China's Covid strategy on upcoming earnings calls by American companies.—NF | | Robyn Beck/Getty Images  Will Smith has something in common with us: We both aren't going to the Oscars for the next 10 years. The Academy of Motion Pictures Arts & Sciences banned Smith from all Academy events for a decade for slapping Chris Rock at this year's Oscars. It also said it did not do enough to address the situation when it occurred. Following the ruling, Smith said, "I accept and respect the Academy's decision."
 The FAA is seeking monster fines. The regulator has proposed its two biggest fines yet for unruly passengers: $81,950 for a passenger who struck a flight attendant and headbutted and spit at crewmembers, and $77,272 for one who bit another passenger during a flight. "If you are on an airplane, don't be a jerk," Transportation Secretary Pete Buttigieg said.
 Tiger made the cut at the Masters. Battling a strong wind, Tiger Woods (and other players) struggled to tame Augusta National. But Scottie Scheffler, the No. 1 player in the world, had no issues, building a five-shot lead going into Saturday.
| | Succession/HBO via Giphy WarnerMedia is the iconic Hollywood entertainment brand that controls Batman, Harry Potter, and CNN. Discovery is the company that owns the Property Brothers. But, against all odds, the two have completed their megamerger, becoming the country's newest media juggernaut. That juggernaut is called Warner Bros. Discovery, and it'll house the massive library of shows, movies, and news programming that the two companies are known for. The origin story: The $43 billion Discovery—WarnerMedia merger was announced in May and approved by the Justice Department in February. Discovery made a deal to acquire the brand from AT&T after the telecom giant owned it for less than four years. - Although the deal will weigh Discovery down with $55 billion in debt, Discovery CEO (and now Warner Bros. Discovery CEO) David Zaslav thinks ankle weights only make you stronger. He predicts the merger will result in the "best media company in the world."
What does all this mean for your Sunday night watch parties? Well, controlling that debt load might mean that HBO won't be adding pricey new prestige dramas to the mix anytime soon. In February, Zaslav told investors that the company wants to be judicious, not "win the spending war," and claimed that HBO's dramas like Succession, Euphoria, and The Gilded Age seemed sufficient for the network's lineup.—MK | | | Every investor dreams of roping a once-in-a-lifetime startup, but few ever get the chance. That's because institutional buyers—and their institution-level wealth—have held the private market's reins. Well, there's a new sheriff in town. Linqto is opening up the world of private investment, giving more investors access to unicorn companies such as Ripple Labs, BitPay, and WHOOP. No million-dollar minimums or steep fees; all the benefits of private investing. Share the wealth: Refer a friend to Linqto, and they'll get $250 in Linqto Bucks. And when they make their first investment, you'll get $750. Sign up today. | | Dianna "Mick" McDougall As the stigma around mental health recedes and therapy remains too expensive for millions, Americans are increasingly looking to social media for mental health content. In fact, the hashtag #mentalhealth alone has 30 billion views on TikTok, and there are more than 37 million posts with the tag on Instagram. We've only begun to grapple with the effects of "influencer therapists." For instance… - Instead of offering individualized attention, like in private practice, mental health influencers must appeal to the masses and work in short sprints rather than marathon talk sessions.
- Platitudes might help users feel better, but they also make people part of an ongoing experiment where therapists are media personalities and therapy is content.
It's a brand-new ethical frontier. Read all about it here. | | A_Z_photographer/Getty Images Stat: Food prices soared 12.6% between February and March to their highest levels on record, with the war in Ukraine disrupting shipments of critical supplies like wheat and vegetable oils. Higher food prices can lead to social unrest in low-income countries, where food accounts for a much larger share of spending. In sub-Saharan Africa, food makes up 40% of consumer spending, compared to 17% in higher-income economies. Quote: "In my family, it took just one generation to go from segregation to the Supreme Court of the United States." Judge Ketanji Brown Jackson celebrated her appointment to the Supreme Court as a victory for Black women everywhere. "We've made it! We've made it—all of us," she said at a White House event yesterday. Read: This guy deliberately got infected with dysentery as part of a vaccine clinical trial. He's been documenting the journey. (Jake Eberts) | | - SpaceX launched four private astronauts to the ISS in the first private mission to the space station sanctioned by NASA.
- Roger Ng, a former Goldman Sachs banker, was convicted on money laundering and bribery charges related to the 1MDB scandal.
- Disney and Universal said they plan to build affordable housing in Florida.
- Pink Floyd released their first new music in 28 years in support of Ukraine.
| | TOGETHER WITH TARGET ACCELERATORS | | Your retail biz is ready for liftoff. All it needs now is the right fuel to reach the moon. Target Accelerators offers two unique programs to help CPG companies accomplish retail readiness through unmatched mentorship, collaborative cohorts, and key business insights. Wanna see some inspiring results? Check out the Brew's spotlight on 3 Target Accelerators success stories. | | Weekend conversation starters: Maybe if you look as good as Tiger, you'll play as well as he does. Our new limited edition Nike Dri-FIT polos are now available for presale. Order now to get yours just in time for golf season. Shop the Golf Collection. | | | Mary Tobler's crosswords are always inspired, but she just got back from competing at the American Crossword Puzzle Tournament in Stamford, CT—so expect a next-level puzzle. Play it here. | | | Written by Neal Freyman and Max Knoblauch Was this email forwarded to you? Sign up here. WANT MORE BREW? Industry news, with a sense of humor → - Emerging Tech Brew: AI, crypto, space, autonomous vehicles, and more
- HR Brew: analysis of the employee-employer relationship
- IT Brew: moving business forward; innovation analysis for the CTO, CIO & every IT pro in-between
- Marketing Brew: the buzziest happenings in marketing and advertising
- Retail Brew: retail trends from DTC to "buy now, pay later"
Tips for smarter living →  Podcasts → Business Casual, Founder's Journal, Imposters, and The Money with Katie Show  YouTube Accelerate Your Career → - MB/A: virtual 8-week program designed to broaden your skill set
| ADVERTISE // CAREERS // SHOP // FAQ
Update your email preferences or unsubscribe here.
View our privacy policy here.
Copyright © 2022 Morning Brew. All rights reserved.
22 W 19th St, 4th Floor, New York, NY 10011 | |
No comments:
Post a Comment