Never have so few people been let go by employers, according to closely watched jobs data out Wednesday. Put another way: Companies are holding onto staff for dear life.
Why it matters: It's another sign of the American worker's newfound leverage, ushered in by businesses' desperation for workers to meet the demand of the economic snapback.
President Biden is expected to issue an executive order calling on the Federal Trade Commission to adopt rules to limit the use of noncompete clauses, the White House announced Wednesday.
Why it matters: Noncompete clauses "force workers to sign away their right to take jobs in similar fields, often for months after leaving a job. These are increasing income inequality and helping hold down Americans' wage," analysts say.
The Chinese government is going after its own Big Tech companies, with new rules around cybersecurity and listing shares on foreign exchanges. It’s also banned many of them from app stores, including ride-hail giant DiDi, which last week went public in New York.
Axios Re:Cap talks with Rui Ma of China Tech Buzz about what’s changed in just the past few days, what it means for companies like DiDi and parallels to last year's fight between Trump and TikTok.
Richard Branson is scheduled to blast off this Sunday on a test flight for Virgin Galactic, the space tourism company that went public in 2019 via SPAC, beating Jeff Bezos to sub-orbit by just nine days.
Why it matters: There's a lot more riding on these rockets than rival billionaires.
StepStone Group (Nasdaq: STEP) agreed to buy Greenspring Associates, a Baltimore-based direct and indirect VC and growth equity investor.
Why it matters: This is part of a burgeoning boom in "private equity" firms going public, either directly or via merger. And, yes, the last time this happened was right before the financial crisis.
Recurrent Ventures, a venture-equity-backed digital media company, is acquiring MEL Magazine, a men's health and culture publication, from Dollar Shave Club
Why it matters: The acquisition will bring MEL Magazine back to life. The outlet had been backed by Dollar Shave Club since it was started six years ago, but the financial relationship ended in March, leaving MEL's staffers without jobs and forcing the publication to go dormant for a few months.
Over 75 companies including big names like General Motors, Apple, Unilever and eBay are urging lawmakers to require that power companies supply sharply rising amounts of zero-carbon electricity.
Why it matters: A new open letter shows an effort to keep a proposed "clean energy standard" (CES) in the mix on Capitol Hill despite huge political hurdles.
A key shipping port in Yantian, in southern China, is nearly back to full capacity after a recent COVID outbreak partially shut down operations.
Why it matters: Delays of up to 16 days were reported by shipping giant Maersk last month, threatening to slow down already logjammed global supply chains even further.
The "Ever Given" container ship began its journey to leave the Suez Canal on Wednesday, 106 days after becoming lodged in the southern section of the waterway for nearly a week, disrupting global trade, Reuters reports.
Driving the news: Loaded with about 18,300 containers, the massive vessel will be escorted by two tug boats and guided by two pilots as it maneuvers through the canal.
Not all investors are trying to beat the market. According to S&P Dow Jones Indices, a record $5.4 trillion was parked in funds that passively track the S&P 500 at the end of 2020.
Why it matters: There’s plenty of data that shows most individual investors, and even professional money managers, can’t beat the S&P 500 by actively managing their stock portfolios.
Before the pandemic, the four-day workweek was a pipe dream. Now, it's quickly gaining popularity.
Why it matters: The pandemic underscored burnout's damaging effect on workforces — and how flexibility can mitigate it. One solution is to work fewer days, which could paradoxically boost productivity.
NBC News veteran Mark Kornblau is heading to SoftBank as global head of communications, Axios has learned.
Why it matters: Kornblau has been with NBCUniversal for over seven years. During his tenure, he helped lead the company through its transition into streaming and digital products. He also led negotiations for NBC News' and MSNBC's 2020 Democratic debates.
