Bill Gates said Wednesday that he plans to give "virtually" all of his wealth to the Bill & Melinda Gates Foundation and eventually move off the list of the world’s richest people.
Driving the news: Gates plans to transfer $20 billion to the foundation's endowment this month to help increase its spending from $6 billion a year to $9 billion a year by 2026, he said in a tweet.
Challenges that service and retail workers face haven’t lessened since the start of the pandemic.
Why it matters: Leisure and food firms are still mostly short of staff, and are scrambling to support the employees they have. They're also adjusting where and how they operate when they feel like they can’t.
Driving the news: Starbucks says it’s planning to close 16 stores by the end of July due to concerns about worker safety, and introduce new active shooter training.
Walmart in May launched a new training program to help store workers identify and respond to people who may be struggling with mental health amid post-pandemic uncertainty.
Details: Starbucks is introducing active shooter training for its store workers because of the recent rise in gun violence, AJ Jones II, senior vice president of global communications and public affairs, tells Axios.
The training was not added in response to an increase in people coming into stores with guns, he added.
"We have to think about what's best for our partners to keep them safe and to think through active shooter scenarios ... That is something that definitely has become a new reality for our partners."
The Biden administration is open to cutting bait on an expansive China competitiveness bill and encouraging Congress to focus solely on passing some $52 billion for the semiconductor industry before leaving for August recess.
Driving the news: In an interview with Axios, Commerce Secretary Gina Raimondo said the country doesn't have the luxury of waiting for the House and Senate to hash out all the differences on their competing versions of the stalled legislation.
A lot of peoplewant a bite out of Elon Musk this week.
Catch up quick: Popsicle caricatures of the world's richest man sold out before any other billionaire flavors (like Jeff Bezos and Mark Zuckerberg), when an "Eat the Rich" marketing stunt made its way through New York.
Back story: MSCHF — a venture-backed viral marketing company responsible for Dead Startup Toys and Lil Was X's Satan Nike shoes — wanted to start a conversation about wealth, the company told CBS.
"Eat the rich," commonly attributed to philosopher Jean-Jacques Rosseau, has become a rallying cry against the super-wealthy.
The brain freeze moment: Capitalizing on the angst at $10 a popsicle is undeniably ironic.
Our thought bubble, via Axios Pro's Kerry Flynn, pictured above: Melty Musk's "hair was delicious."
June's white-hot inflation data raises the chances that the Federal Reserve could get even more aggressive — possibly hiking rates by a full percentage point in a bid to curb skyrocketing prices.
Why it matters: The reality of inflation is biting hard. But Fed hikes translate into higher borrowing costs for consumers and businesses, dampening growth even as they curb higher prices.
State of play: With the 9.1% increase in inflation, a 0.75-point increase in July is now viewed as "definite," while investors see a 1-in-3 chance of a full-percentage point increase, Bloomberg reported.
That's based on swap contracts pegged to the fed funds rate.
What they're saying: "Everything is in play," Federal Reserve Bank of Atlanta President Raphael Bostic told reporters on Wednesday.
Yes, but: With some signs that inflation could moderate — primarily as gas prices slowly decline — the Fed may risk going too far.
"With commodity prices falling sharply since (June) and wage growth moderating in recent months ... speculation about a 100bp hike this month looks to be misplaced," Capital Economics analysts wrote on Wednesday.
Inflation's breathtaking 9.1% rise in June stemmed from an across-the-board increase in prices of various goods and services, including food, energy and cars.
Why it matters: Inflation's relentless march is battering the economy, providing further cause for the Fed to hike interest rates in a bid to cool things off.
By the numbers: The Consumer Price Index's spike was the largest year-over-year jump since November 1981. Highlights — or perhaps we should say lowlights — included:
Energy, up 41.6%. That included a 59.9% increase in gasoline prices and a 98.5% increase in fuel oil.
New vehicles, up 11.4%. The average new-vehicle transaction price hit an all-time high of $48.043 in June, beating December's record of $47,202, according to Kelley Blue Book.
Food, up 10.4%.
Yes, but: Gasoline's astonishing surge had an outsized impact — and it's been edging lower since mid-June, with the national average falling four straight weeks.
With fuel inventories and demand falling, GasBuddy petroleum analyst Patrick De Haan projected that the national average price of gasoline could fall from $4.63 today to below $4 by mid-August.
And declining commodity prices suggest "the outlook for inflation does not look as bleak as it did a month ago," Capital Economics reported Wednesday.
Michael Barr, the Biden administration’s pick for the Federal Reserve’s top Wall Street cop, was confirmed by the Senate on Wednesday — a win for the White House after a string of failednominees to fill key financial regulator positions.
Why it matters: As the nation’s most powerful bank regulator, Barr will leave an imprint on the oversight of the financial system and monetary policy.
Wednesday brings fried freebies for National French Fry Day to McDonald’s, Burger King, Wendy’s and more in a week already filled with Prime Day deals and free Subway sandwiches.
Driving the news: July 13 is the made-up holiday of the potato side, but this is the last Fry Day that won’t be held on an actual “Friday” after Checkers and Rally’s pushed to move the day.
Another month, another terrible inflation report. There's no way to put a positive gloss on the atrocious numbers.
Why it matters: Price increases show no signs of slowing. That will add urgency to the Federal Reserve's aggressive campaign to cool inflation by raising interest rates — heightening the odds the central bank steers the economy into recession.
Addison Rae, who has 88 million followers on TikTok and has parlayed her stardom into Netflix gigs and more, is coming out with a new line of dolls and toys, Toy Insider reports.
The deal, brokered by IMG, will put the products in Walmart, Amazon and elsewhere.
Why it matters: One of the most prominent and successful social media stars, Addison Rae continues to build her empire — which netted her $8.5 million in 2021, per Forbes — and show just how potent and lucrative top influencers can become.
Unity Software, a San Francisco-based interactive gaming engine, agreed to buy Israeli app monetization company IronSource for around $4 billion in stock.
Why it matters: IronSource is the latest in an escalating series of SPAC splats, despite profits and increasing revenue, as it went public just one year ago via a Thoma Bravo-sponsored SPAC at an implied equity value of $11.1 billion.
Inflation soared to a fresh four-decade high in June, as prices rose 9.1% from last year — 1.3% from the prior month — the government said Wednesday.
Why it matters: The price shock is tanking Americans' view of the economy — and risks pushing the Federal Reserve into moving aggressively to cool inflation, possibly triggering a recession.
With markets ugly, some think stashing cash in short-term Treasuries —known as T-bills— might be an investor's best bet for now.
Driving the news: Markets — both stocks and bonds — just finished an egregiously bad first half of 2022, as the Fed's rate-hiking campaign crushed these twin cornerstones of most retirement portfolios.
Kohl’s discount for teachers will return for the second year in a row but with increased savings, the retailer shared exclusively with Axios.
What’s happening: For three days — from Friday through Sunday, July 17 — educators and school staff can get 25% off eligible in-store purchases with a valid school ID, an increase from last year's 20% discount.
Why it matters: Rajapaksa's exit on Tuesday prompted Prime Minister Ranil Wickremesinghe to announce a nationwide state of emergency and impose a curfew in the western province as he was appointed acting president. Security forces deployed tear gas as thousands of demonstrators rallied outside Wickremesinghe's office.
Driving the news: "I don't hate the man, but it's time for Trump to hang up his hat & sail into the sunset," Musk tweeted in response to a report on the former president calling him "another bullsh--t artist" at a rally in Alaska. "Dems should also call off the attack — don't make it so that Trump's only way to survive is to regain the Presidency."
