London-based LumiraDx has slashed $2 billion off the size of a proposed takeover by a SPAC, citing decreases in COVID-19 testing volume.
Why it matters: The move tracks with reduced sales forecasts by industry giants like Abbott and Quest Diagnostics, but also feels like it's on a bit of a lag.
Greek organizations on college campuses have long faced criticism as bastions of exclusion and systemic racism — but America's racial reckoning of 2020 took the conversation to a fever pitch.
Why it matters: The question, 245 years after the founding of the first Greek letter fraternity in the U.S., is whether these predominantly white, once-powerful groups will adapt, continue unchanged, or face more decline and disbandment as the U.S. population becomes less white and less trusting of institutions.
Historically Black Colleges and Universities (HBCUs) are seeing a new wave of substantial donations and interest from big-name talent, but the attention has also highlighted questions of cultural identity.
Why it matters: In the past decade, flagging enrollment at HBCUs, founded to offer Black people access to higher education during the slavery era, has led schools to actively recruit non-Black students.
Standardized testing is just one hurdle for students of color to clear before school even begins, but more schools are dropping the admission test requirement.
Why it matters: A college degree can mean the difference of at least $2.8 million on average over one lifetime, not to mention inclusion in social and professional networks that can improve career opportunities.
Average published college tuition and fees have more than doubled for public two-year schools and private nonprofit four-year schools, and close to tripled for public four-year schools between the 1990-1991 and the 2020-2021 school years, according to the College Board.
Why it matters: Median incomes grew 21% for the lowest quintile of families between 1989 and 2019.
Yashana Rivera thought a rough freshman year 10 years ago had brought her college days to an end. But a community college restored her confidence and provided the means to achieveher dream of becoming a nurse.
Why it matters: As college tuition and application fees skyrocket, community colleges offer working-class students,immigrants and students of color like Rivera a more affordable,flexible path to middle-class careers.
A college degree in America translates to better jobs and more wealth. But students of color still face barriers, including high tuition, when pursuing higher education.
Affirmative action, which for 60 years has increased the number of students of color at American universities, is on the chopping block. A case accusing Harvard of discriminating against Asian applicants has made it to the Supreme Court, and the court could elect to get rid of the 60-year-old policy.
Why it matters: While that's an unlikely outcome, it could push colleges to come up with better ways of promoting diversity on campus rather than just looking at race, says Mitchell Chang, an education professor at UCLA.
Clothing company Patagonia will no longer sell its merchandise at Wyoming ski resort Jackson Hole after one of its owners hosted a fundraiser with Rep. Marjorie Taylor Greene (R-Ga.) and other pro-Trump GOP lawmakers.
Driving the news: Patagonia said it will not work with three retailers at the resort, after co-owners Jay and Karen Kemmerer co-sponsored an event in support of the House Freedom Caucus. The company said the fundraiser did not align with its values.
SPAC enthusiasm is slowing, as evidenced by rising redemption rates.
Between the lines: "Redemption rates are very much a barometer of market sentiment," explains SPAC Research founder Ben Kwasnick. Higher redemption rates mean that investors are skeptical of the market and the deals — choosing to pull their money instead of risking losses if the stock price dives.
A California judge on Friday ruled that a 2020 ballot measure exempting gig companies from providing benefits for its workers is unconstitutional, the Sacramento Bee reports.
