Axios

In the latest sign of Wall Street players warming to bitcoin, the largest U.S. bank wants to issue a debt instrument linked to cryptocurrency-focused companies.

Driving the news: JPMorgan’s proposed “Cryptocurrency Exposure Basket” will be heavy on MicroStrategy, Square and Riot Blockchain stocks, according to a new SEC filing.

Fifty weeks ago, a community-based media center in Manhattan gave handheld cameras to five young New York filmmakers whose families were helping keep the city running during shutdown.

The impact: "COVID Diaries NYC," a 39-minute documentary available on demand beginning Tuesday night at 9 p.m. ET/PT on HBO and HBO Max.

Major companies are using Clubhouse to hold court with ordinary investors.

Why it matters: Executives are using the invite-only audio app to allow the type of access that was historically only offered up to Wall Street on stodgy, suited-up quarterly earnings calls.

You may never have heard of Jack Ryan, but if he succeeds, it could cost you a lot less to buy and sell a home.

Why it matters: The deep-pocketed CEO of a disruptive real estate brokerage called REX, Ryan contends that inflated commissions are sapping Americans' nest eggs and pushing homeownership out of reach — and he's backing a major campaign against the establishment.

GSMA, the trade group that puts on Mobile World Congress, said Monday the event will take place in person in Barcelona in June, while also announcing a series of new procedures it hopes will assuage health concerns. However, key player Ericsson said Tuesday that it won't be taking part.

Why it matters: The event is the biggest wireless industry trade show and a key source of funds for the GSMA. However, many are skeptical of holding an event with tens of thousands of people, many of whom won't have yet been vaccinated.

BuzzFeed said Thursday that it laid off 47 employees from HuffPost, the progressive news website that it acquired last month.

Why it matters: While BuzzFeed never promised it wouldn't lay people off after the deal, the scope and speed of the layoffs came as a shock to some employees, sources tell Axios.

“Good Morning Britain” host Piers Morgan has resigned, ITV announced Tuesday, after his comments criticizing Meghan Markle for her tell-all interview with Oprah Winfrey drew over 40,000 complaints to the U.K.'s media regulator Ofcom.

The big picture: The outspoken TV presenter has been a fervent critic of Markle and Prince Harry, calling them "spoiled" and accusing them of undermining the British monarchy.

Korean automaker Kia is conducting a safety recall of nearly 380,000 vehicles in the U.S. due to concerns of potential engine fires, according to a letter published by the National Highway Traffic Safety Administration.

Why it matters: The recall comes after the NHTSA opened an investigation in 2019 into Kia and Hyundai engine fires. In November 2020, the agency announced that it was fining the automakers $137 million for not recalling cars with potentially faulty engines quickly enough, according to the AP.

A new survey of American workers finds signs of hope for the immediate future, but longer-term worries about career advancement.

The big picture: With the pandemic loosening, hiring is expected to pick up dramatically, but the specter of automation and obstacles to reskilling dims the picture for the future.

An influx of tech antitrust hardliners in the Biden administration signals a new toughness on tech from the Democrats.

Why it matters: Tech companies that grew unfettered by regulation during the Obama administration will now be under scrutiny from advocates that have made a name for themselves by targeting the behemoths' size and power.

Four years ago, private equity was giddy over the prospect of a massive federal infrastructure bill. Then, "Infrastructure Week" became a punchline.

Why it matters: Infrastructure is again on the table, expected to be President Biden's top legislative priority once the stimulus is signed.

Neeva, a search engine startup led by former Google Ads boss Sridhar Ramaswamy, raised $40 million in Series B funding co-led by Sequoia Capital and Greylock.

Why it matters: Venture capitalists often ask founders, "Why wouldn't Google just build that and crush you?" In this case, the founder is driving straight into Google's core business.

Chevron Corp. on Tuesday unveiled its latest plans to curb emissions and invest in low-carbon technology.

Driving the news: The company's new report on its climate posture includes ...

Carbon Engineering, a startup looking to commercialize tech that sucks CO2 out of the atmosphere, today launched its business for permanent carbon-removal purchases and said e-commerce giant Shopify is the first customer.

Why it matters: The Canada-based direct air capture (DAC) startup — whose backers include Bill Gates, Occidental and Chevron — said Shopify's deal for 10,000 tons of CO2 removal is the largest publicly announced corporate DAC buy ever.

Clean Creatives, a recently launched campaign that pressures PR and ad agencies to drop oil-and-gas industry clients, is stepping up its efforts.

Driving the news: The campaign has released an open letter to the PR and ad sector from 22 groups including prominent actors like the Sierra Club and the Sunrise Movement.

U.S. Treasury yields surged higher on Thursday, even gaining ground in overseas trading overnight, with the benchmark 10-year note yield rising to 1.58% after Fed chair Jerome Powell again declined to show concern about rising yields.

What he said: Powell stuck to the script he has laid out in recent weeks.

• During an interview at the Wall Street Journal Jobs Summit, he said some price pressures are likely to emerge, but will likely be transitory and look higher because of “base effects” — the difference between last year’s deeply depressed levels and this year.
• Powell added that he doesn’t expect the economy to get back to full employment or for inflation to remain sustainably above 2% this year.
• “There’s just a lot of ground to cover before we get to that,” he said. Even if the economy sees “transitory increases in inflation … I expect that we will be patient.”

Watch this space: Powell's comments on inflation expectations were especially interesting given the current state of the market's inflation expectations.

• “We’re very mindful and I think it’s a constructive thing for people to point out potential risks. I always want to hear that,” Powell said.
• “But I do think it’s more likely that what happens in the next year or so is going to amount to prices moving up but not staying up and certainly not staying up to the point where they would move inflation expectations materially above 2%.”

Reality check: Breakeven rates, which measure investors' expectations for inflation in coming years, show 5-year, 10-year and 30-year inflation expectations all materially above 2% now.

• The 5-year breakeven inflation rate reached 2.45% on Wednesday, the highest it has been since 2008.

The streaming era has presented lots of confusion for consumers trying to navigate how, where and when to watch a hit interview if you are unable to catch it live.

Driving the news: CBS licensed Sunday's bombshell Harry and Meghan interview from Oprah Winfrey’s production company Harpo Productions for more than $7 million, per The Wall Street Journal.

Spot, a new startup born after nearly a year of incessant Zoom video calls, has raised $1.9 million in new funding led by Chapter One for a voice conference call alternative with some bells and whistles.

Why it matters: When the pandemic sent everyone to work from home, many workers seemed to forget that phone calls exist, opting instead to turn every work conversation into a videoconference.

Group Nine Acquisition Corp., a special purpose acquisition company (SPAC) sponsored by media company Group Nine, is adding CNN president Jeff Zucker and Technicolor SA vice chair Melinda (Mindy) Mount to its board of directors, Axios has learned.

Why it matters: Media watchers are obsessed with Zucker’s moves as he considers his next chapter after CNN. Zucker runs one of the world’s largest news organizations, and is credited with leading CNN’s digital transformation.

Penske Media Corporation (PMC) on Tuesday will launch a new data services division called "Atlas Data Studio" that focuses on building first-party data segments for marketers to target ads to different types of people online.

The big picture: It joins a growing list of digital publishers, like The New York Times, The Washington Post, Forbes, Vox Media, Condé Nast, Bloomberg and others in building out first-party data solutions.

From pop-up newsletters to podcasts and short courses to documentaries, newsrooms are getting creative about presenting long-form journalism in the Internet era.

Why it matters: Streaming and smartphones have made it easier to turn big stories into more digestible formats.

Paramount+ launched last Thursday, just in time for the second legs of the Round of 16 Champions League. All four games will stream live in the app at 3pm ET today and tomorrow.

The state of play: Like Peacock, Paramount+ is leaning hard into its exclusive sports rights as a way to acquire new customers — and keep them.

Even as copper prices have struggled over the past couple of weeks, the metal has managed to remain strongly in positive territory for the year, in contrast to gold, which has sunk so far in 2021.

Why it matters: Copper prices are a measure of bullish economic momentum, because copper is a prime input in products like houses, factories and electronics, while gold is a bearish market indicator suggesting investors see little value in other assets.

The New York Fed's latest survey of consumers shows that average Americans are joining investors in boosting their expectations for inflation, with consumers' one-year inflation expectations rising to the highest level since July 2014.

Why it matters: Inflation is largely controlled by inflation expectations. If individuals expect costs to rise they will generally demand higher pay, landlords will raise rents and businesses will increase the cost of goods and services, pushing inflation higher.

Rising U.S. bond yields again sent tech stocks tumbling on Monday, with the tech-heavy Nasdaq composite index falling into its third 10% correction in the last year.

Why it matters: With the real economy still depressed, especially the labor market, continued weakness in Big Tech and a deflating housing market could undercut the expected economic recovery.

The number of unenforceable, anti-tenant clauses in residential leases has risen sharply over the last 20 years — with Black tenants more likely to be targeted, according to the largest-ever study of housing leases.

Why it matters: The types of draconian clauses that have crept into leases make it easier for landlords to evict tenants — who often feel intimidated, don't know the law and can't afford a lawyer in housing court.

Chinese authorities have breached "each and every act prohibited" under the UN Genocide Convention over the treatment of Uyghurs and other Muslim minorities in China's Xinjiang province, an independent report published Tuesday alleges.

Why it matters: D.C. think-tank the Newlines Institute for Strategy and Policy, which released the report, said in a statement the conclusions by dozens of experts in war crimes, human rights and international law are "clear and convincing": The ruling Chinese Communist Party bears responsibility.