California health officials on Tuesday told theme parks like Disneyland and Universal Studios Hollywood that they can reopen once daily coronavirus cases in their respective counties drop below one per 100,000 people.
Why it matters: Disney and Universal, both of which hoped to reopen when their counties reached "moderate" spread, have been negatively impacted by the pandemic. Deadline reported that Universal Studios Hollywood laid off over 2,200 employees since July and Disney laid off 28,000 employees in September.
One of the fastest-growing workplace applications of artificial intelligence is in hiring, but imperfect algorithms leave qualified women and candidates of color out — and can ultimately build weaker teams.
Why it matters: Algorithms are most often used to make the initial applicant screening process — the resume review — more efficient. But their role cannot be underestimated, as around 95% of all job applicants are rejected based on resumes.
Germany wants to give people a legal right to work from home.
Why it matters: The proposal is a testament to how far the world has come amid the coronavirus pandemic, with the once-fringe idea of telecommuting finding a place in the law books.
Before the onset of the coronavirus pandemic, human resources jobs were on the automation chopping block. Now they're essential.
The big picture: HR departments across the world have pulled off the incredible feat of turning companies from in-person to remote overnight, and as the pandemic continues to determine the future of work, HR has been elevated from a back-office function to a C-suite conversation.
Netflix's stock was down more than 5% in after-hours trading Tuesday after the tech giant reported that it missed expectations on global subscriber growth for the quarter.
Why it matters: Netflix experienced explosive growth during the first half of the year. It wasn't expected to match that growth this quarter, when lockdowns lifted and after new competitive services had launched, but analysts were still expecting it to meet expectations of at least 3.3 million net new global subscribers.
The Chinese government on Monday reported third-quarter GDP growth of 4.9%, year-over-year. This comes as the U.S. economy continues to be much weaker, year-over-year, given our relative inability to get COVID-19 under control.
Axios Re:Cap goes deeper into China's economy, including its increased focus on domestic demand, with CNBC Beijing bureau chief Eunice Yoon.
Why it matters: With only two weeks to go before election day, there's little time for Trump make up the gap between he and Biden on the issues voters care deeply about. These include a new multi-trillion dollar stimulus program, mandatory mask-wearing, and a $2 trillion renewable energy package. Voters are also now evenly split on who will better manage the economy — a blow to Trump as he's led on the issue for much of the campaign.
General Motors said Tuesday it will invest $2 billion to renovate a Tennessee factory for electric vehicle production, starting with the Cadillac Lyriq in 2022.
Why it matters: The Spring Hill assembly plant near Nashville will become GM's third U.S. manufacturing site for electric vehicles in a bet-the-company pivot away from conventional gasoline-powered cars and trucks.
GM plans to unveil at least 20 new EVs globally by 2023, including the GMC Hummer electric pickup truck, which will be unveiled later Tuesday.
Intel agreed to sell its NAND memory chip unit, including a China production factory, to South Korea's SK Hynix for $9 billion in cash.
Why it matters: This would make SK Hynix the world's second-largest NAND chipmaker, behind only Samsung. It also gets Intel mostly out of the memory chip market, which is where it got its start.
Quake, a subscription podcast company founded by media veterans, launched on Tuesday with $2.5 million in seed funding, executives tell Axios. It debuts with exclusive politics shows, and hopes to expand into religion, sports and possibly Hispanic media.
Why it matters: There's a growing trend of podcast companies poaching top talent to launch exclusive shows, which ultimately forces users to subscribe to more than one podcast company.
New datafrom media intelligence company Conviva finds that Joe Biden has begun to draw more engagement per post on Twitter than President Trump.
There's been a steady increase by Biden in the monthly averages of engagements per post, average engagements per video, and follower adds since the beginning of the year.
This past month, Biden passed Trump in all three metrics. (The Conviva data only includes retweets and likes, not quote tweets.)
Americans' trust in the Federal Reserve fell again in October, with just 34% saying they have a fair amount or a great deal of trust in the central bank in the latest Axios/Ipsos poll.
What's happening: While trust in the Fed rises with age, income level and among those who say they know more about the institution, there was not a single group where even half of respondents said they trusted the Fed.
The number of SBA loans to Black-owned businesses has decreased 84% from its peak before the 2008 financial crisis, according to a new report from the Business Journals, citing lending data from the agency’s flagship 7(a) program. Overall 7(a) loans declined 53% during that time.
Why it matters: The precipitous decline in loans to Black-owned businesses, in particular, was despite 48% growth in the economy, a 101% increase in bank deposits and an 82% jump in commercial loans, the report notes.
USA Today, one of the largest newspapers by circulation in America, gave Joe Biden its first-ever presidential endorsement on Tuesday.
The big picture: A slew of media companies are endorsing a candidate this year for the first time ever, citing the unprecedented nature of this election.
Online retail and e-commerce have been chipping away at brick-and-mortar businesses over the years but the combination of the coronavirus pandemic and the 2020 holiday season may prove to be a knockout blow.
The state of play: Anxious consumers say financial concerns and health worries will push them to spend less money this year and to do more of their limited spending online.
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