Axios

Journalist Maria Ressa and her news site Rappler were acquitted on tax evasion charges Tuesday, marking an important legal victory for the 2021 Nobel Peace Prize winner, her website, and press freedom activists globally.

Why it matters: The Filipino American journalist and Rappler have been fighting charges brought against them by former Philippine President Rodrigo Duterte's regime for the past five years.

The child poverty rate more than doubled in 2022 from a record low in 2021 because of the expiration of pandemic-era benefits, according to Census data out Tuesday.

Why it matters: A steep drop in childhood poverty back in 2021 was hailed as nothing short of miraculous, lifting 2.9 million children out of poverty, according to an estimate from the Census in May. The rebound is yet another reason Americans were less than thrilled with the economy last year.

Advancing to a futuristic world powered by advanced American semiconductors will require a slew of partnerships, alliances and investments — not just go-it-alone corporate endeavors.

Why it matters: Chips provide processing power for electronics, cars and AI, making them a linchpin of the American economy — but few are made here.

Crypto-focused venture firm Electric Capital is raising $300 million for its third investment vehicle, per an SEC filing.

Why it matters: 2023 has been a sleepier year for the crypto industry (at least compared to 2021's euphoria), and a slower year for VCs.

Apple's new iPhone 15 Pro Max is the tech company's priciest phone ever, starting at $1,199 — $100 more than the same model last year but with double the storage.

Driving the news: Apple introduced its full iPhone 15 line — along with the new Apple Watch 9 and Apple Watch Ultra models — during an event Tuesday from its headquarters in Cupertino, California.

The days of filling up your own drink at McDonald's are numbered.

Driving the news: McDonald's on Tuesday confirmed to Axios that it will phase out self-serve beverage stations in its U.S. restaurants by 2032.

Endeavor plans to keep UFC and WWE separate in U.S. rights deals, but will leverage together when it comes to global rights deals, president and COO Mark Shapiro tells Axios.

Driving the news: Endeavor closed its acquisition of WWE Tuesday morning, combining it with UFC to form a new holding company, TKO Group (NYSE: TKO).

• The stock opened at $100 a share and has been trading slightly above that level during its first day.
• Shapiro will hold the president and COO title of the newly-formed TKO Group in addition to his Endeavor duties.

State of play: WWE's current linear TV rights deals with NBCUniversal and Fox Corp. expire next year, and its streaming deal with NBCUniversal's Peacock expires in 2026. UFC signed a five-year TV contract with ESPN in 2019 that was extended through 2025.

• Those staggered deals and longstanding relationships with current rights holders make it more likely that the two will "probably go it alone" when it comes to domestic media deals, says Shapiro.
• WWE president Nick Khan had previously told Axios they want to respect the wrestling company's three-decade relationship with NBCUniversal. "The most important thing is that NBC and Fox, from a WWE point of view, feel respected in the process," Khan said.

Yes, but: Internationally, Endeavor plans to use IMG — the sports and events management company that Endeavor bought in 2014 — to beef up WWE's global presence.

• "All these global rights renewals will be powered by IMG ... they have been a true bellwether for the UFC in our renewals around the globe," Shapiro says. "We're going to apply that model to WWE and I think there's immediate opportunity as to where the WWE is significantly under monetized."
• India is one market where they see an opportunity to improve, Shapiro adds.

Between the ropes: This is the first time that Vince McMahon, WWE's longstanding chief executive, won't be the decision maker for the organization he turned into a media giant.

• In regards to McMahon's recent past, which included undisclosed payments towards settling sexual misconduct claims and a July federal search warrant and grand jury subpoena, Shapiro says he's not worried about having McMahon still being the public face of WWE.
• "Whether he's actively involved day to day, or he steps back — what I hope would be a decade from now — he's just going to be in many ways identified with the company," he says. "What he's gone through over the last year and being cleared of, for the most part, is behind him."

Americans' real incomes fell in 2022 from the previous year, new Census data show, as record-high inflation took a bite out of our paychecks.

Why it matters: The decline explains why Americans have felt so meh about the strong economy over the past couple years.

Jim Trotter, a former reporter for the NFL Network, on Tuesday sued the National Football League and its namesake cable network for racial discrimination.

Why it matters: The complaint alleges a culture of racial discrimination and retaliation within America's most popular pro sports league.

A new Lyft feature will prioritize matching women and nonbinary drivers and riders in an effort to provide more peace of mind during the rideshare experience.

Why it matters: Advocacy groups have long questioned the safety of ride-sharing, and recent reports indicate a startling number of violent crimes have occurred during Uber and Lyft rides, The New York Times reports.

• Between 2017 and 2019, 4,158 sexual assaults and 10 fatal physical assaults of Lyft passengers and drivers were recorded, Axios' Kia Kokalitcheva reported.

State of play: Women make up nearly half of Lyft riders, but account for just 23% of drivers, according to a recent company survey.

• Lyft is hopeful its new program will encourage more women drivers by providing an extra layer of safety and confidence.

What's happening: The program, dubbed Women+ Connect, will roll out Wednesday in Chicago, Phoenix, San Diego, San Francisco and San Jose, with plans to quickly expand nationwide.

How it works: Women and nonbinary drivers will be able to turn on a preference to match with other nearby women and nonbinary riders. If none are available, drivers will be matched with men, according to Lyft.

• Women and nonbinary riders in cities where Women+ Connect is available will be prompted in the app to participate, increasing their chances of connecting with women and nonbinary drivers.

By the numbers: Among women Lyft drivers surveyed by the company:

• 57% said they drive to supplement their household income.
• 98% said driving provides them with needed flexibility.
• And 90% said driving lets them earn money while pursuing something else, like going to school or other employment.

What they're saying: Women+ Connect has won support from the Human Rights Campaign, the National Association of Women Law Enforcement Executives (NAWLEE) and the National Sheriffs' Association Traffic Safety Committee.

• "This is a great feature that can make an important difference in how women use and view rideshare," Kym Craven of NAWLEE said in a statement.

A measure of poverty tracked by the Census Bureau rose in 2022, as COVID era benefits expired and average income fell, according to a Tuesday report.

Why it matters: Child poverty saw a sharp increase in 2022 following a record low the year prior.

Central bankers have made it a habit of clearly signaling what they're planning to do before they do it. This week, the European Central Bank is trying something different.

Driving the news: ECB policymakers meet Thursday in Frankfurt, and it is a genuinely open question whether they will raise interest rates again or stand pat. ECB-watchers rate the odds as something close to a jump ball.

If analysts' forecasts are correct, August inflation data due Wednesday will be a "something-for-everybody" messaging mess.

Driving the news: The Consumer Price Index data, scheduled for release at 8:30am ET, is expected to show that headline inflation over the previous 12 months increased in August, to 3.6% from 3.2% in the 12 months ended in July.

The Sporting News, a digital sports news site, has raised $15 million in a growth round led by Playtech, a London-based, publicly traded gambling software development company.

Why it matters: It's not common for a brand that launched in the 1800s to raise growth capital, but TSN CEO Rich Routman said he sees it as a "series A against the firm's new strategy."

The Economist plans to introduce a new subscription tier this Thursday called Economist Podcasts+ for $4.90 monthly, the Economist president Bob Cohn told Axios.

Why it matters: Audio has become the Economist’s fastest-growing platform for audience growth. Executives believe that momentum can be harnessed to bolster subscriptions, which serve as the company’s main source of revenue.

Apple has signed a new chip supply agreement with Qualcomm, which will apply to iPhones being launched between 2024 and 2026.

Why it maters: This comes three years after Apple spent $1 billion to buy Intel's smartphone modem business — a move intended to let Apple displace Qualcomm when their existing agreement ended at the end of 2023.

Jack Dorsey had second thoughts about supporting Elon Musk's takeover of Twitter, so Musk made Dorsey a secret offer he couldn't refuse, according to the new Musk biography by Walter Isaacson.

Why it matters: The revelation helps fill in some blanks about the financial relationship between Dorsey and Musk, who were longtime acquaintances and mutual admirers.

It only took 14 years, but there are finally signs that cryptocurrency is catching on in countries where money is shaky.

Why it matters: Crypto's creators have always thought digital assets might be helpful to citizens in troubled economies, where the local currency's value has been evaporating under inflation. Yet people in those places haven't turned there much, not until recently.

China's central bank pushed back against traders betting on a continued drop in its currency, the yuan, on Monday.

Why it matters: While the fundamentals look poor for the yuan — weak trade, slow growth, low interest rates — government officials appear keen to keep the decline from becoming an embarrassing rout.

Workers who get promoted are more likely to quit their jobs, finds a new analysis from ADP.

Why it matters: The conventional wisdom is that promotions are a classic "retention" tool that help keep top performers from jumping ship — particularly important in today's still-tight job market.

Northwest Arkansas is a bit like an awkward teen — it's going through a growth spurt that's bound to bring some pain.

Driving the news: Essentially a cluster of 31 small to midsize towns, NWA is the 15th-fastest-growing area in the U.S., on pace to hit nearly 1 million residents by 2045.

Northwest Arkansas is home to Walmart, the world's largest company by revenue — but you wouldn't know it by driving past its current corporate headquarters in Bentonville.

• That's about to change.

Population and economic growth are driving Northwest Arkansas National Airport's long-term expansion — helping more travelers get in and out of a region seeking deeper connections with the rest of the country, airport officials told Axios.

Driving the news: Over the past few years, the airport — also called XNA — has expanded service, revamped its branding and announced several construction projects.

The U.S. experienced 23 separate billion-dollar weather and climate disasters in the first eight months of 2023 — the largest number since records began.

Driving the news: "With approximately four months still left in the year, 2023 has already surpassed the previous record of 22 events seen in all of 2020," per a statement from the National Oceanic and Atmospheric Association (NOAA) accompanying its report on the disasters Monday.