Axios

The hunt is on for clues that inflation has peaked. Trouble is — the clues point to a jumble of entangled economic factors.

State of play: Prices for everything — electricity, cereal, airline tickets — rose 8.5% last month from a year ago, according to the Consumer Price Index for March, which was released today.

A Twitter shareholder is suing Elon Musk, Twitter's largest individual shareholder and the world's richest man, for allegedly making "materially false and misleading statements and omissions by failing to disclose to investors" his ownership stake in the social media company.

Why it matters: By failing to disclose his ownership stake within the time period required by the U.S. Securities and Exchange Commission (SEC), Musk was able to acquire Twitter shares less expensively, Marc Bain Rasella alleges in the federal securities class action lawsuit.

The Washington Post is cancelling its reception before the White House Correspondents' Dinner due to "an increase in COVID-19 transmission," the newspaper said in an internal memo on Tuesday.

Driving the news: "We will donate what we would have spent on the reception to Reporters Without Borders to support the work they're doing for reporters covering the war in Ukraine," publisher Fred Ryan and editor Sally Buzbee wrote.

Yelp announced today that it will now pay travel expenses for employees who need abortion and reproductive care.

Why it matters: The online review site's announcement comes nearly a month after Citigroup announced a similar policy. The company joins a handful of other employers, like Bumble and Match, who have publicly made clear where they stand on the issue of abortion access ahead of an upcoming Supreme Court ruling, which could roll back Roe v. Wade.

The long decline in the price of Axie Infinity's Smooth Love Potion (SLP) token illustrates the challenge of play-to-earn (P2E) gaming: players need more than a way to earn some random token, the token needs mechanics that enable it to hold value.

The big picture: P2E worked great, particularly with one game, Axie Infinity (whose treasury clocked $1.3 billion in revenue last year), until profits took a dive in early December that it has never recovered from, as Token Terminal shows.

Food prices soared to record highs last month, as the war in Ukraine exacerbated what was already a global crisis.

Why it matters: In poorer countries where folks spend upward of 50% or more of their income on food, these numbers are devastating.

A future economy transacting in bitcoin may invoke sci-fi imagery. But El Zonte in El Salvador is hardly that. Perhaps, that's why it is the most fascinating test case to date for a bitcoin-as-currency economy.

Driving the news: "60 Minutes" traveled to the 3,000 person surfing village known as "Bitcoin Beach."

Blockchain Brawlers, a new play-to-earn video game, is claiming to have driven hundreds of millions of dollars in trading volume in its first few days.

• Details: Based on some very rough analysis by Axios, players in the new game may have collectively earned as much as $23 million or so in its native BRWL token, based on average earnings reported by the game makers.

Investment and projections for CNN+ are expected to be cut dramatically in response to a low adoption rate, two sources tell Axios.

By the numbers: The news giant was initially planning to invest around $1 billion in the service over the next four years.

NeighborSchools, a Cambridge, Mass.-based startup that helps early child care workers go independent and open in-home daycares, raised $5 million in new funding led by Accomplice.

Why it matters: America remains in the midst of a child care crisis, largely because of low pay, which creates negative ripples throughout the broader economy.

When it comes to financial regulation, or deregulation, branding can be everything. Or at least that's what some Senate Republicans are hoping.

Driving the news: GOP members of the Senate Banking Committee have introduced the "JOBS Act 4.0," a hodgepodge of old and new proposals aimed at encouraging capital formation for startups and encouraging IPOs.

Russia's cash flows soared during the first quarter, despite economic sanctions imposed by the West. The nation benefited from soaring energy prices brought on by its attack on Ukraine.

Why it matters: Russia's surprisingly healthy finances show its continued sales of oil and gas remain a formidable economic tool for President Vladimir Putin's regime.

Inflation surged again in March, as consumer prices hit yet another fresh peak not seen in a generation.

Why it matters: The relentless rise in prices is a challenge for investors, Federal Reserve policy makers and politicians, who are all trying to navigate an inflationary backdrop that hasn't been seen since the early 1980s.

More than half of NPR's leadership team (53%) is comprised of non-white executives, up from 9% in 2019, NPR CEO John Lansing tells Axios.

Why it matters: A slew of high-profile departures over the past year has shed light on ways talent — particularly women and people of color — are elevated and incentivized to stay with the public radio broadcaster.

Gas prices reached record highs after Russia invaded Ukraine, prompting the Biden administration to scramble to reduce pain at the pump.

The latest: The Biden administration is set to announce new policies to help curb prices, including waiving requirements that limit the amount of ethanol in gasoline during summer months.

In one of the many knock-on effects the war in Ukraine has had on global markets, corporate bond issuance in Eastern Europe all but came to a halt for a time after Russia's invasion.

The big picture: A broad selloff in emerging market bonds sent yields higher, making it more expensive and difficult for companies that need to raise capital.

Chinese stocks suffered their worst tumble in weeks Monday amid growing COVID-19 lockdowns throughout the country.

Why it matters: Lockdowns in China, a manufacturing behemoth, could weaken both its economy and the world’s, and add fresh snarls to global supply chains.

The $43 billion merger of Discovery and WarnerMedia marks a seminal moment for the entertainment industry, which until now has struggled to navigate the balance between its profitable traditional assets and its streaming future.

Why it matters: Now that a handful of dominant players in streaming have emerged, smaller companies will face more pressure to scale, sell or become a full-time content arms-dealers. Bigger companies will need to prove that they're willing to invest enough to truly compete with Big Tech.

One of the top food trends, according to the Specialty Food Association? Hemp.

What's happening: Hemp seeds "have become a popular health food for their protein, fiber, omega-3 and omega-6 fatty acids, and other nutrients," Allrecipes tells us — and reminds us that while hemp comes from the same species of plant as cannabis, it won't get you high.

• Hemp seeds "taste similar to sunflower seeds, somewhat like pine nuts, and a little like walnuts too."

Driving the news: The Specialty Food Association (SFA) identified hemp as a standout at its Winter Fancy Food Show, where hemp cropped up in alternative burgers, dressings and as an ingredient in chocolate.

• "Hemp emerged as a star ingredient rich in protein, healthy fats, and essential fatty acids, as well as a sustainable crop," the trade group wrote.

Other trends the SFA spotted: Dates are proliferating as snacks and as sweeteners, and peppers of all heat levels are cropping up as well.

• "Snacks with benefits" are a thing, "from nutrient-rich chocolate bars to pizza crust made from carrots."
• So are "alternative comfort foods," like chickpea butter and cream cheese made from sunflower seeds.

The National Urban League's 2022 "State of Black America" report alleges that some lawmakers, consultants and violent extremists are plotting to "disenfranchise, delude, manipulate and intimidate American voters and establish a one-party rule" that works against the interests of Black and brown voters.

The big picture: The 46th edition of the group's annual report, released Tuesday morning, warns that voter suppression and growing income inequality could precipitate the collapse of democracy in the U.S. It warns that "political forces have launched an all-out assault on voting rights that disproportionately affects the communities that we serve."

A startup's novel sensor device — which measures the gas emitted by fruit as it ripens — is making inroads in ensuring that only peak-ripe produce makes its way to grocery shelves, ideally reducing food waste.

Why it matters: The USDA estimates that 30%-40% of the food supply isn't consumed. IoT sensors from Strella Biotechnology determine which pieces of fruit should be put up for sale and when — making it more likely that consumers will savor them, not toss them.

Utility Pacific Gas & Electric agreed Monday to pay $55 million in penalties and costs to settle civil cases over two massive wildfires that affected six Northern California counties.

Why it matters: Investigators found PG&E's ageing, faulty utility equipment sparked the 2019 Kincade Fire and the 2019 Kincade Fire. But the agreement means the nation's largest utility will avoid criminal prosecution for the blazes, per a statement from the company.

Rachel Maddow returned to her 9 p.m. show Monday after a brief hiatus — announcing she'll continue to host her show Mondays through Thursdays for the rest of the month and then will only host on Mondays beginning in May.

Why it matters: Maddow was expected to fully leave her position as MSNBC's weekday 9 p.m. primetime host later this year. The new arrangement puts pressure on MSNBC to find Maddow's replacement.