Monday's economy & business stories

Cannabis orders are now available on Uber Eats in Ontario

Cannabis shops High Variety and Tokyo Smoke in Toronto, Canada. Photo: Steve Russell/Toronto Star via Getty Images

Cannabis retailer Tokyo Smoke and Uber Canada are partnering to streamline the process for ordering cannabis in Ontario, the companies announced Monday.

Why it matters: Tokyo Smoke is the first cannabis merchant to be listed on Uber Eats across all of Uber's global markets, Uber Canada said.

What to watch in the Fed's new era

President Biden with Jerome Powell and Lael Brainard at a press conference Monday. Photo: Jim Watson/AFP via Getty Images

There's a new era at the Fed: Jerome Powell will keep the top job, Lael Brainard will step up as No. 2 — with more fresh faces set to come.

Why it matters: Prices are rising at the fastest pace in 30 years with millions still out of work. What Biden's Fed picks do may be felt by everyday Americans.

Nov 22, 2021 - Podcasts

The future of data literacy

Earlier this month, the data analytics software maker Tableau announced a goal to help enable 10 million data learners over the next five years. But where do they begin? And how does data literacy go beyond software? 

Axios Re:Cap host Hope King is joined by Tableau CEO Mark Nelson to discuss the role of data in our future. 

Nov 22, 2021 - Politics & Policy

Biden's Fed pick puts progressives on notice

Powell and Biden. Photo: Alex Wong/Getty Images

President Biden's nomination of Jerome Powell for a second term as chairman of the Federal Reserve shows Biden's willingness to stare down progressives to get his cherished Build Back Better legislation through the Senate and into law.

Why it matters: Inflation is threatening Biden’s $2 trillion social spending and climate package, and Biden wants to save his political capital with moderates for that fight.

Hope King, author of Closer
Nov 22, 2021 - Economy & Business

Twitter to test first live shopping show ahead of Cyber Week

Jason Derulo at Hard Rock Stadium in June in Miami Gardens, Fla. Photo: John Parra/Getty Images

Singer Jason Derulo is set to host a prime-time live shopping show on Twitter on Sunday, just ahead of Cyber Monday and Cyber Week, featuring products from Walmart.

Why it matters: Shoppable video formats sit at the intersection of entertainment, e-commerce and social media — a combination that retailers and tech platforms find hard to resist given how hot each category has grown during the pandemic.

Jeff Bezos donates $100M to Obama Foundation in honor of John Lewis

Jeff Bezos speaking at COP26. Photo: Paul Ellis - Pool/Getty Images

Amazon founder Jeff Bezos is giving $100 million to the Obama Foundation in honor of Congressman John Lewis, the foundation announced on Monday.

Why it matters: This is the largest individual donation the Obama Foundation has received to date, as first reported by Puck News.

Mogul feud: Musk v Dimon

Photo: Patrick Pleul/picture alliance via Getty Images and Al Drago/Bloomberg via Getty Images

The longstanding feud between Tesla CEO Elon Musk and JPMorgan Chase chairman and CEO Jamie Dimon has bubbled up over a breach of contract lawsuit, the Wall Street Journal reported Monday.

What they're saying: “If JPM doesn’t withdraw their lawsuit, I will give them a one star review on Yelp,” Musk told the Journal. “This is my final warning!”

Dan Primack, author of Pro Rata
Nov 22, 2021 - Economy & Business

KKR makes buyout offer to Telecom Italia for €33.2 billion

KKR logo. Photo Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

KKR offered to take Telecom Italia (BIT: TIT) private for around €33.2 billion, or €0.505 per share (45% premium to Friday's closing price), including the assumption of more than €20 billion in net debt.

Why it matters: This would be one of the largest-ever leveraged buyouts of a European company. It also sets up a possible battle between KKR and French media giant Vivendi, TIM's largest outside stockholder, which paid an average of more than €1 for each of its shares.

Crypto group tries to claw back fees after failed Constitution bid

Photo: Yuki Iwamura/AFP via Getty Images

The 17,000+ cryptocurrency enthusiasts who collectively funded a losing $40 million bid to purchase a copy of the U.S. Constitution last week face a new hurdle in getting their money back: transaction fees.

How it works: The ConstitutionDAO group used Ethereum to build its war chest, and contributors paid "gas fees" — essentially, network transaction costs — that observers estimated to run about $50 per transaction.

Target to keep stores closed on Thanksgiving for good

Photo: Paul Weaver/SOPA Images/LightRocket via Getty Images

Target CEO Brian Cornell said Monday that Target stores will be closed on Thanksgiving Day this year, as well as all future Thanksgiving Days.

Driving the news: “What started as a temporary measure driven by the pandemic is now our new standard — one that recognizes our ability to deliver on our guests’ holiday wishes both within and well beyond store hours,” Cornell wrote in a note to employees, obtained by Axios.

Biden taps Jerome Powell for another term at the Fed

Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images

President Biden said today he will renominate Federal Reserve chairman Jerome Powell for another term — as market-watchers widely anticipated.

Why it matters: The decision caps a long stretch of uncertainty about who would steer the nation's most influential economic body. The Fed is front and center as the country faces prices rising at the fastest pace in decades.

Ben Geman, author of Generate
Nov 22, 2021 - Energy & Environment

U.S. fuel economy hits record high but falls short of policymakers' hopes

Data: EPA; Chart: Axios Visuals

New EPA data on U.S. vehicle fuel economy paints a mixed picture, showing record average efficiency in model year 2020 that's nonetheless far short of what policymakers hope to see ahead.

Driving the news: The annual report shows that average overall fuel economy for cars, SUVs and light trucks sold in the U.S. reached 25.4 miles per gallon (mpg) in model year 2020 in real-world conditions, a 0.5 mpg increase over 2019.

Mayors' top concern: mental health

Expand chart
Data: Menino Survey of Mayors; Chart: Kavya Beheraj/Axios

The No. 1 concern of U.S. mayors about the long-term consequences of the pandemic is their residents' mental health, followed closely by the learning loss for children, a survey released this morning finds.

Why it matters: Last year, the top worry among the mayors polled annually in the Menino Survey of Mayors was financial ruin — budget shortfalls and service cuts. This year, thanks to cash infusions from the American Rescue Plan (ARP), their concerns have shifted pronouncedly.

Nov 22, 2021 - Economy & Business

Turkey crunch: Plenty of birds, shortage of sides

Illustration: Sarah Grillo/Axios

This year's Thanksgiving won't be immune to the supply chain issues and labor shortages that have been roiling the nation, but the turkey supply is strong.

The big picture: You might be dealing with a pricier Thanksgiving dinner due to inflation, and you might have to find alternatives for some of your favorite side dishes. But don't fret about the main dish.