Axios

Designer looks captured the catwalks at Fashion Weeks around the world. But beyond the runways, recycled clothing, thrifting and renting apparel are growing in popularity and reshaping the market.

Why it matters: Fashion is a massive polluter. According to the United Nations, fashion produces 20% of the world's wastewater and 10% of the world's carbon emissions — calling the habit of quick closet-turnover into question.

As part of our What Matters 2020 series on the critical trends that will outlive this moment, Axios co-founders Jim VandeHei and Mike Allen discuss how growing economic inequality is driving a new debate about capitalism.

While a growing number of white collar companies are asking employees to work from home, gig economy companies seem to be doing little to protect workers in the face of coronavirus — though pressure is mounting for them to do more.

Why it matters: While engineers and business managers at companies like Uber and Lyft can bring their laptops home and access corporate health resources, the independent contractors who ferry passengers, hot meals and groceries, cannot. This highlights painful differences between corporate "haves" and "have-nots."

The American Dream is moving further and further out of reach for millions in the U.S.

Why it matters: That promise is essential to American identity — and its erosion will affect how we live, work and vote for decades to come.

The memoir of film director Woody Allen, who has been accused of molesting his adopted daughter in the 1990s, was dropped by publisher Hachette Book Group on Friday.

Driving the news: Hachette employees protested the book "Apropos of Nothing" on Thursday by staging a walkout, per the New York Times. The publisher announced on Monday plans for the memoir to be released under its Grand Central brand on April 7.

Online seller eBay said it's no longer allowing the sale of medical masks and certain cleaning products in the U.S. to prevent customers from buying scarce products at inflated prices.

The big picture: Sales of masks, health and cleaning supplies have skyrocketed in preparation for the further spread of the novel coronavirus across the country. States such as California have issued consumer alerts on price gouging.

The Trump campaign announced Friday that it sued CNN for libel over an opinion article, saying it wants the network to be held "accountable for intentionally publishing false statements against" it.

The big picture: It's the latest of a series of libel suits by the campaign aimed at media outlets' opinion articles on issues linked to Russia. Over the last few weeks, the campaign has also sued the New York Times and the Washington Post, alleging similar motives.

HuffPost editor-in-chief Lydia Polgreen is exiting the progressive website to become head of content for Gimlet, Polgreen announced in a tweet on Friday. Gimlet is a podcast network and production company acquired by Spotify in 2019.

Why it matters: Polgreen is credited with leading HuffPost through a period of turbulence, which included layoffs, a rebrand and sale rumors.

I just spent a week in the 2020 Cadillac XT6, a new three-row, family-friendly crossover utility from GM's luxury brand.

The big picture: The XT6 is a new entry that slots in below the brand's flagship Escalade SUV, and shares underpinnings with the smaller XT5 crossover, its best-selling model.

Arweave, a London-based blockchain startup focused on permanent data storage, raised $8.3 million in tokenized funding from Andreessen Horowitz, Coinbase Ventures and Union Square Ventures.

Why it matters: The company's technology is designed to create permanent record of web content — a boon to fighting government censorship, but a possible nightmare for "right to be forgotten" advocates.

Sequoia Capital issued a dire warning Thursday to portfolio company CEOs about the business impacts of the coronavirus, suggesting that they "question every assumption" about their businesses, including cash runway, headcount, sales forecasts, and the availability of future funding.

Why it matters: Sequoia, an early investor in Airbnb and Google, is no Chicken Little. The last time it did something similar was more than 11 years ago, at the peak of the financial crisis, via its famed "RIP Good Times" slide deck.

Twitter CEO Jack Dorsey said at a Morgan Stanley conference in San Francisco Thursday that he was re-evaluating his plan to spend several months in Africa this year.

Between the lines: Dorsey specifically blamed the ongoing coronavirus outbreak, though his decision also comes as Twitter struggles with tough content and business issues and as an activist investor, Elliott Management, is seeking his ouster.

The electric vehicle startup Lucid Motors has a strategy for drumming up interest in its upcoming Lucid Air luxury vehicle that begins production late this year: ultra-designed retail spaces that offer virtual reality test drives.

Why it matters: The luxury EV market is getting more crowded. Startups like Silicon Valley-based Lucid — a largely unknown brand in what's still a very small market — need a way to differentiate themselves and gain cachet.

Exxon CEO Darren Woods put quite an exclamation point on the idea that U.S.-based oil majors aren't getting into an arms race with European rivals over long-term climate ambition.

What he's saying: Woods defended the company's approach at yesterday's investor day in New York, telling analysts that Exxon looks at the topic on a "global scale" rather than engaging in a "beauty match."

The latest bank in the crosshairs of the Consumer Financial Protection Bureau is Fifth Third Bancorp, which disclosed in a securities filing this week that the CFPB is targeting the bank for “alleged unauthorized account openings,” American Banker's Kate Berry reported.

Why it matters: Wells Fargo has faced billions in fines and penalties and had been held up as a singular example of corporate wrongdoing for its account fraud scandal, but the disclosure of the complaint against Fifth Third could mean that there are one or many other shoes to drop.

The U.S. economy added 273,000 jobs in February — way more than the 175,000 economists expected — while the unemployment rate dipped to 3.5%, the government said Friday.

Why it matters: The labor market is adding jobs at a breakneck pace, but the numbers don’t take into account the worsening coronavirus outbreak that threatens the record-long stretch of job gains.

The dollar is buckling under the weight of expected rate cuts from the Fed and record-low U.S. Treasury yields.

The state of play: It has fallen to its weakest level when valued against a group of global currencies since the beginning of the year, and experts think there could be much further to go.

Boeing's new CEO David Calhoun criticized his predecessor Dennis Muilenburg for failing to get the company back on track following two deadly 737 Max crashes, during an interview with The New York Times.

"I'll never be able to judge what motivated Dennis, whether it was a stock price that was going to continue to go up and up, or whether it was just beating the other guy to the next rate increase. If anybody ran over the rainbow for the pot of gold on stock, it would have been him."

Having already hit supply chains and led to the widespread cancellation of large gatherings and events, the COVID-19 outbreak is now causing a repricing on tourism and travel globally, as airlines, hotels and travel operators see major declines in bookings and revenue.

Why it matters: China's record low readings in February for both manufacturing and services could serve as a warning of what's to come for parts of Asia, Europe, and even the U.S.

New annual financial documents for large health care companies are rolling in with a familiar tune: executives took home large paydays in 2019 that mostly came from large stock gains.

The bottom line: The health care system is a firehose of spending, and a good chunk of that money always makes its way to the top.

Not since the aftermath of 9/11 has there been such a fear of flying.

Why it matters: The novel coronavirus has the airline industry bracing for the worst downturn since the Great Recession. Even though the government says it's safe to fly domestically, the drumbeat of news about COVID-19 has cautious employers stifling business travel and worried families rethinking their summer vacation plans.

JPMorgan Chase chairman and CEO Jamie Dimon, 63, is recovering after emergency heart surgery for an "acute aortic dissection“ on Thursday, according to a memo sent to the bank's employees.

Why it matters: Dimon runs the nation’s biggest bank, and has been at the helm since 2005 — making him “the longest-serving leader of a major American bank,” per the New York Times. JPMorgan co-presidents Daniel Pinto and Gordon Smith will oversee the bank while Dimon recovers.