Axios

If your income is rising much more slowly than inflation, that's a sign you might be rich.

Why it matters: The bottom 90% of earners are seeing their income keep up with inflation, while the bottom 50% had wage gains 3.4% bigger than inflation in the first quarter of 2022. That's according to Realtime Inequality, a project that attempts to disaggregate growth statistics by income percentile.

As labor shortages continue to bedevil the food service industry, robots are transforming how restaurants cook french fries, brew coffee, fry tortilla chips and grill burgers.

Why it matters: "Smarter" back-of-the-house machines are helping companies serve more consistent food — and more batches of it — in safer and more virus-proof kitchens.

What is the metaverse anyway? Good question! In fact, it's not even clear if it's one world, or a word meant to include all of the distinct virtual places being created by different projects. The answer will have big implications.

Why it matters: A lot of folks spend an ungodly amount of time online already. But technologists believe we will spend even more once they make it extra immersive using 3D, super social worlds to do things like shop, see concerts and attend conferences.

The National Labor Relations Board prosecutors determined that Amazon violated federal labor law by holding mandatory anti-union meetings at a warehouse where workers were weighing whether to unionize, Bloomberg reports.

Why it matters: The National Labor Relations Board regional office in Brooklyn told Bloomberg that it will issue a complaint against the company if it does not agree to a settlement.

Women comprised 45% of all new Fortune 500 board appointments in 2021, a new high, while Black directors were 26% of new appointees, a tad lower than 2020 after a surge that year, according to a report released Wednesday morning by executive search and leadership consulting firm Heidrick & Struggles.

Why it matters: The yearslong push to diversify boardrooms intensified in 2020 after companies were spurred to action in the aftermath of the killing of George Floyd — and it appears to be paying off.

Chelsea Football Club has agreed to terms to be acquired by a new ownership group, the soccer club confirmed in a statement on Friday.

The big picture: Chelsea FC is owned by Russian oligarch Roman Abramovich, but he turned over "stewardship and care" of the club to its charitable foundation in February in the wake of Russia's invasion of Ukraine.

Starbucks violated federal law by illegally interfering with workers' rights, U.S. labor board prosecutors alleged in a complaint on Friday, CNBC reports.

Why it matters: The complaint comes amid a larger labor movement that has swept the country; Starbucks employees at multiple locations have voted to join the national union Starbucks Workers United since December.

It’s been a long time since Tupperware had something to party about.

What’s happening: The food storage product seller — known for Tupperware parties held by thousands of direct sellers — revealed a slew of problems earlier this week, leading investors to lose confidence in its turnaround plan.

The nation's baby formula shortage has intensified in recent weeks as parents grapple with the fallout from supply chain issues and a devastating recall.

• 40% of baby formula inventory was out of stock nationally the week of April 24, up from 18% when the year started and 3% a year earlier, according to data analyzed for Axios by consumer product data analytics firm Datasembly.

Your summer may be packed with Hollywood blockbusters.

Why it matters: This could be the comeback season for movies, which have faced lagging box office numbers and an annihilated theater business since the start of the pandemic.

Starbucks criticized a recent meeting at the White House with representatives of labor unions for major companies that included members of a growing union within the coffee company.

Driving the news: In a letter sent to the White House on Thursday, Starbucks said it was "deeply concerned" that Workers United was invited to the labor union meeting while not inviting Starbucks official representatives.

Elon Musk on Friday rebuffed claims that former president Trump "encouraged" Musk's takeover of Twitter.

Driving the news: "This is false. I’ve had no communication, directly or indirectly, with Trump, who has publicly stated that he will be exclusively on TRUTH Social," Musk wrote on Twitter on Friday.

• Musk was responding to an article in the New York Post about comments made on Fox News by Devin Nunes, the CEO of Trump's social media platform, Truth Social.

Many venture capitalists took to Twitter on Monday night, decrying news that the U.S. Supreme Court appears poised to overturn Roe v. Wade. Soon they'll have a chance to put their money where their mouths are.

Driving the news: Hey Jane, a U.S. telemedicine startup specializing in abortion pills, plans to seek a Series A round later this spring.

The Chernin Group agreed to lead a $263 million investment for a 25% stake in collectible toymaker Funko (Nasdaq: FNKO). Other members of the group include eBay, Bob Iger, Rich Paul and limited partners in TCG funds.

Why it matters: This is about the evolving relationship between content and merchandising.

The jobs machine is still revving rapidly.

• Employers added 428,000 positions in April, and the unemployment rate remains just a smidgeon above its five-decade low, according to new jobs data.
• Between the lines: Tiny cracks are showing, suggesting the jobs boom could fade as this year progresses.

Retail crypto exchange Crypto.com tells Axios that it now has over 50 million users.

Why it matters: That's more than a fivefold increase from the last time Crypto.com disclosed its user stats, in late 2020, and CEO Kris Marszalek says he expects the number to hit 100 million by year-end.

Shut it all down.

• That's what professional services firm PricewaterhouseCoopers plans to do company-wide for two separate weeks a year, aiming to improve work-life balance and better compete for workers.

Thursday was another wild one for stocks, in a display of extreme volatility that's starting to look like a trend.

Why it matters: The treacherous swings in stock prices reflect the new — and deeply uncertain — phase of the post-pandemic era.

The rolling crises of the past few years rendered visible so many vital commodities that plenty of us never gave much thought — nickel, silicon chips, lumber. The latest entrant into this camp: Fertilizer.

Why it matters: Skyrocketing fertilizer costs — like those made from nitrogen, phosphorus and potassium (NPK) — are driving up food prices and, worse, threatening food security around the globe.

Amid a brutal market sell-off, tech companies that focus on streaming, e-commerce and social media are facing especially steep declines.

Why it matters: Internet firms that benefited from pandemic habit changes are now being forced to trim their outlooks and spending as the market leaves behind a frothy era of soaring investments and zero interest rates.

An AI-powered nose could help robotaxi operators sniff out problematic odors — like the lingering scent of a passenger's tuna sandwich — and reroute the vehicle to a maintenance hub for cleaning before its next ride.

Why it matters: With driverless taxis, there's no one onboard to keep passengers from smoking or leaving behind offensive odors, from food to vomit. But new digital olfaction technology could be able to help.

Job turnover is 20% higher in our new remote and hybrid working world — and it's going to stay that way, new research from Gartner, a technology research firm, shows.

Why it matters: Companies should brace for a lasting culture of quitting.

Roy Schwartz, Axios co-founder and president, has a provocative hiring rule: Always go for people who want and can do your job.

Why it matters: Too many managers hire too defensively — they want to protect their own gig while not getting overshadowed by dazzling talent below. Or they hire too passively — they simply want butts in seats to be able to check off their list. This is why so many institutions grow complacent or rot.

The only way to be a great leader — and to create a great organization — is to have the self-confidence to hire people who might be better, and shine brighter, than you from the get-go.

Over 260 travel industry and business organizations are calling on the Biden administration to end its COVID testing requirement for vaccinated international passengers entering the U.S.

Why it matters: The travel industry has taken multiple blows over the last two years due to the pandemic and emerging variants. Companies are looking to rebound despite another rise in cases.

Boeing Co. announced Thursday that it would relocate its global headquarters from Chicago to Arlington, Virginia.

Driving the news: Boeing, one of the world's largest aerospace manufacturers, said it will develop a research and technology hub in the D.C.-area to "harness and attract engineering talent."