Axios

Years of zero interest rate policy (ZIRP) gave the world ambitious venture capital-stuffed companies that sought to make everyday tasks and chores as easy as the tap of a button. But the reality of those business models is much more modest now.

Why it matters: We were promised a new world of hyper-convenience while VCs dreamed of billions in investment returns.

Tinder announced Friday that it's offering some of its most-active users a $499 per month subscription, Bloomberg reports.

Driving the news: Users not put off by the hefty price tag will gain access additional features, such as the ability to send direct messages to people with whom they have not matched and "see and be seen by Tinder's most sought after profiles," according to the company.

A forthcoming book has the potential to decimate the business of Bridgewater, one of the world's largest and most successful hedge funds, and cause "many billions of dollars in damages." Or so claimed letters sent by Bridgewater's lawyer to the book's publisher earlier this year.

Why it matters: Bridgewater's lawyer, Tom Clare, represented Dominion Voting Systems in its $787.5 million victory over Fox News. He fought publication of "Empire of Pain," Patrick Radden Keefe's book about the Sackler family's involvement in the opioid crisis, and represented Adam Neumann in his fight against his portrayal by HBO.

There's a new instant payments service in town. This one was invented by Varo Bank, months after the Federal Reserve introduced an instant payments service of its own.

Why it matters: "Varo to Anyone" is proof that the U.S. remains years away from a simple, ubiquitous payments system available to all. It's a bit janky and far from perfect, but even so, it's clearly better in many respects than any of its competitors.

"Dumb Money" is an enjoyable and funny David-versus-Goliath film set in the midst of a global pandemic.

Why it matters: The movie has the misfortune of being released in the middle of an actors strike, thereby depriving it of a publicity tour from the likes of Seth Rogen, America Ferrera, and Pete Davidson. You should still go see it.

The United Auto Workers union's unprecedented strike strategy is raising pressing questions about who is eligible for state unemployment benefits.

Why it matters: The answers could determine how long the UAW and other laid-off workers can endure a protracted strike, which looks increasingly likely.

President Biden said he'll picket alongside the United Auto Workers in Michigan next week — in a rare act of a president visibly joining a labor movement.

Why it matters: Nearly 19,000 workers are on strike as the UAW demands higher wages and benefits in its expanded strike against the Detroit Three automakers: General Motors, Ford and Stellantis.

American fashion designer Phillip Lim wants his eponymous label 3.1 Phillip Lim to be an "Asian American brand for change" going forward, he tells Axios.

Driving the news: Lim and his team returned to New York Fashion Week earlier this month after a four-year hiatus.

After United Auto Workers on Friday invited President Biden to join the picket line in the union's strike against the Detroit Three automakers, and put the White House on the spot in the escalating dispute, Biden said he would go next week.

Driving the news: "We invite and encourage everyone who supports our cause to join us on the picket line from our friends and families all the way up to the president of the United States," UAW President Shawn Fain said on a Facebook Live broadcast. "We invite you to join us in our fight."

Lyft's new CEO recoils at surge pricing — but he tells Axios that he's learning to live with it.

Why it matters: Temporarily higher pricing is a staple of the rideshare business, fueling a revenue boost for Uber and Lyft when demand rises and nearby drivers are in short supply.

Claire Atkinson, a veteran media reporter, plans a major biography of Rupert Murdoch that'll be out in 2025 and is titled ... "MURDOCH."

Why it matters: Atkinson is a British journalist who once worked for Rupert Murdoch's New York Post. She'll portray him as a "tenacious yet perennially unsatisfied man, a formidable business leader, and a once-in-a-century business legend," according to the publisher, Grand Central.

Is the rise of generative artificial intelligence an opportunity for turbocharged productivity and income growth, or a threat to millions of workers? The answer to both is effectively "yes," according to a top central banker who weighed in on the economics of AI on Friday.

Why it matters: It was the first time a top Fed official has spoken in detail on the macroeconomic implications of AI.

The United Auto Workers union is expanding its strike against General Motors and Stellantis after failing to reach a deal one week into the work stoppage.

Why it matters: The additional work stoppages — including all 38 parts distribution centers at GM and Stellantis but not additional Ford factories — turns up the heat on the Detroit automakers as the union pushes for new labor deals.

Snap Inc. has promoted former Meta executive Patrick Harris to the position of President of Americas, overseeing sales and key business operations, according to an internal note sent Friday to staff and obtained by Axios.

Why it matters: Harris replaces Rob Wilk, who was hired for the role in March.

GGV Capital, a 23-year-old VC firm whose investments have included Airbnb and TikTok owner ByteDance, is spinning off its China operations because of rising geopolitical tensions.

Why it matters: Other than Sequoia Capital, which recently made a similar move, no Silicon Valley venture firm has been more associated with China than has been GGV.

Leaked private messages from a UAW official that surfaced late Thursday could further undermine trust at the bargaining table — making a contract deal even more elusive as the union prepares to expand its strike against the Detroit automakers.

Why it matters: The leak ordeal is one of the first major blowups for UAW president Shawn Fain's team and could test the union's new strategy — and its new staffers.

Amazon on Friday said it would introduce a limited number of ads to movies and television shows on its Prime Video streaming service beginning next year.

Why it matters: Selling ads will allow the company to continue investing in compelling content "over a long period of time," Amazon said.

Last week, Axios' Maxwell Millington visited the set of Peacock's "John Wick" prequel to participate in an exclusive behind-the-scenes workshop at Hollywood's Roosevelt Hotel.

Why it matters: Due to the ongoing strikes, actors are barred from promoting shows and movies they appear in. This new reality has left producers and directors with the responsibility of handling publicity, and media invitations like this allow crew members to champion their work.

Rupert Murdoch's decision to step down as chair of both his global television and publishing empires Thursday marks the start of a new world order in media.

Why it matters: In naming his eldest son Lachlan as his successor, Murdoch, 92, has ensured that Fox Corp.'s and News Corp.'s conservative editorial bent will live on — but maybe not forever.

Airport lounges are once again becoming premium products, with higher barriers to entry but amenities more often matching the price of admission.

The big picture: As travel rebounds post-pandemic, airport lounges are getting more popular — leading to crowds they weren't designed to accommodate, and frustration among "elite" travelers not used to sharing those spaces with families headed to Orlando for school break.

As attempted book bans continue to surge in schools across the U.S., the challenges are now increasingly extending to public libraries, according to new American Library Association data.

By the numbers: ALA's Office for Intellectual Freedom data shows there were 695 attempts to censor library materials and services in the first eight months of 2023, compared to 681 during the same period in 2022 — a year that saw attempted book bans reach record levels.

Texas officials have reported a "surge" in migrant crossings into the U.S. from Mexico and two deaths in the Rio Grande this week, including a 3-year-old boy.

The big picture: Mexico's President Andrés Manuel López Obrador suggested on Thursday visiting D.C. in November to discuss the humanitarian crisis, as he shared U.S. Customs and Border Protection data showing that American authorities encountered over 142,000 migrants at the border in the first half of September, per Reuters.

Leaked messages from an aide of UAW president Shawn Fain about the union's strike strategy against Detroit automakers say the UAW is inflicting "reputations damage and operational chaos" at GM, Ford and Stellantis.

Why it matters: The messages, in a private group chat on X (formerly Twitter) shine a new light on the union's hardball tactics under a new strategy orchestrated in part by outside labor activists who joined the UAW staff — and Fain's inner circle — shortly after his election in March.

United Auto Workers president Shawn Fain filed a complaint Thursday with the National Labor Relations Board against Sen. Tim Scott (R-S.C.) over comments regarding strikers.

Driving the news: Fain claimed that the 2024 GOP hopeful violated federal labor law earlier this week when he praised then-President Reagan's firing of thousands of striking federal workers in 1981 after being asked about the ongoing UAW strike, per the complaint that was first reported by The Intercept.