Good morning, and a fun Memorial Day weekend. Here’s the biggest business and technology story you need to know in the coming (short) week. — Charlotte Cowles
What’s wrong? (May 23-29)
A blow to big oil
ExxonMobil suffered a staggering defeat for climate activist investors Won at least 2 seats on a 12-member board on Wednesday. Investors are part of a small new hedge fund called Engine No.1. Aiming to boost companies towards green initiatives And stay away from fossil fuels.That campaign Face a rugged and rugged battle However, this recent victory could allow more Wall Street investments to combat climate change. In addition, a Dutch court said that Royal Dutch Shell, Europe’s largest oil company, was not fast enough to reduce greenhouse gas emissions. Double that effort..
Epic vs Apple
For the past three weeks, Apple has vigorously (and at a high cost) defended itself in antitrust proceedings filed by the popular video game Fortnite maker Epic Games in federal court. I did.The proceedings focused on whether Apple abused market power by taking a commission of 30% of sales from the iPhone App Store. Now in the hands of the judgeShe said she hopes to reach a verdict by August. If Apple loses, there could be more antitrust proceedings against Big Tech.
Amazon to Hollywood
Metro-Goldwyn-Mayer is a 97-year-old film and television studio that once symbolized Hollywood’s golden age. Sold itself To Amazon, the epitome of today’s modern commerce. Many of MGM’s masterpieces sold out many years ago, but they brought one well-known franchise — James Bond — to Amazon and new to streaming competitors such as Netflix, HBO Max, and Apple TV +. Brings an advantage. The cost of this edge was $ 8.45 billion, about 40% more than other prospects, including Apple and Comcast, would be willing to pay.
What’s next? (May 30th to June 5th)
Paging Dr. Google
Google Partnered with hospital chain HCA Healthcare Develop algorithms for patient care by mining health records. This algorithm aims to improve patient monitoring, guide physician decisions for better results, streamline surgery, and even develop new treatments. But, of course, progress comes at a cost. In other words, patient privacy. The HCA said that identification information will be removed from the patient’s records before Google’s data scientists can access the patient’s records. However, the terms of the contract have not been announced.
President Biden suggested: $ 6 trillion budget Includes a map of long-term investments in 2022 for fiscal year 2022 Economic priorities of his administration — Infrastructure, education, green energy, etc. — Over the next 10 years. The proposal is just a list of hopes at this point, but the United States will maintain the highest levels of federal spending since World War II. Mr. Byden said tax increases for businesses and high-income earners. The plan predicts a large budget deficit for at least 10 years, although it says it will cover its agenda. The budget predicts that unemployment will fall below 4% and inflation will remain stable. doing.
On the Road Again
Treasury Secretary Janet Yellen will meet with seven Treasury Ministers in London later this week to discuss each country’s next steps in the recovery of the global economy. To the docket: Support international vaccine access and distribution, improve public health to prevent future pandemics and build a more climate-friendly economy. Yellen has a similar agenda at home, but only a handful.Before leaving, she More financial financing Oversees some important efforts in the US economic recovery.
Business of the Week: Mr. Biden’s Huge Budget
Source link Business of the Week: Mr. Biden’s Huge Budget