Executive Leadership Briefing

A leaked draft of the Supreme Court’s current review of Roe v. Wade indicates that the high court will seek to overturn the landmark case that established a constitutional right to an abortion. While the draft may not represent the court’s ultimate decision, policy experts say that the leak will reshape the course of this year’s midterm elections, with women’s rights and abortion rights front and center. Lawyers and others who watch the court said they were shocked, noting that a leak of this scale has no modern parallel.

Demand for employees in the U.S. remained high in April, with private-sector estimates showing 11 million openings. The tight labor market continues to spur compensation gains and employee leverage, especially in leisure and restaurants. Compensation for jobs like cooks, waiters and hotel clerks rose more than 8% from a year ago, nearly double the average increase for workers across the board. Workers for manufacturing company CNH Industrial walked off their jobs Monday after failure to reach a new contract, joining manufacturing workers in the last year who went on strike at Chevron, Kellogg and Deere.

The Securities and Exchange Commission will add 20 people to the unit that investigates cryptocurrency fraud, underscoring the agency’s push to better regulate an industry that it calls the “Wild West” of assets. The move comes as private equity investors grow more comfortable with crypto projects, investing $10 billion globally in the first quarter. Analysts point out that investments no longer track the price of bitcoin, indicating optimism in the market.

An intense heatwave in India could deal a fresh blow to the world’s worsening food crisis, with estimates that wheat yields are down 10% to 50% this season. With wheat from Russia and Ukraine accounting for more than a quarter of global wheat exports, governments around the globe have already been scrambling to fill the gaps spurred by the conflict.

Residents of Las Vegas, N.M., are preparing to evacuate as the nation’s largest fire balloons in size, fanned by an extended period of hot, dry and windy conditions. Scientists say that wildfires have become a year-round threat in the drought-stricken West, faster and hotter than ever due to climate change.

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The Ohio Senate’s GOP primary set for Tuesday is widely anticipated to be an early test of this year’s midterm elections, especially for candidates backed by former President Donald Trump. In addition to Ohio Republican Senate candidate J.D. Vance, Trump’s influence will be tested in Nebraska, Pennsylvania and North Carolina primary elections this month. Some of those candidates are refusing to engage in debates, casting themselves in the same mold as Trump as they criticize political and media environments that they say are elitist.

New Zealand is welcoming back tourists for the first time in more than two years as the country sheds most of its remaining pandemic border restrictions, some of which were the most stringent in the world. Ahead of Europe’s peak summer tourism season, Italy and Greece similarly relaxed some COVID-19 travel restrictions. New York City officials are hoping that an expansion of the city’s outdoor dining program will help still-struggling businesses and revive neighborhoods that have yet to fully reopen since the pandemic began.

U.S. senators are pleading with the Biden administration to end a probe into solar trade in China, saying that the investigation has effectively frozen the business. More than 300 solar projects in the United States have been canceled or delayed in recent weeks because of the investigation over whether Chinese companies are circumventing U.S. tariffs on their solar panels. The U.S. solar industry has warned of a more general slowdown due to other global supply chain disruptions, potentially threatening the competition of the Biden administration's climate goals.

Apple is facing a hefty fine and new requirements for its mobile payment system if European Union regulators find that the company is restricting rivals' access to its technology used for mobile wallets. This is the second antitrust charge from the EU, which has been more diligently addressing what regulators see as abusive business practices by big tech companies in recent years. Europe’s tough approach to technology regulation is slowly finding a place among American regulators, including in a major tech antitrust bill moving through Congress.

The recent political spat between Disney and Florida Gov. Ron DeSantis is growing into a larger debate in many boardrooms over whether chief executives should speak out on social issues. While lawmakers have historically criticized companies that take public stands on issues such as voting access, politicians now appear more comfortable taking on business. The end result is creating an environment in which both parties are more likely to use big businesses as “political footballs,” analysts say.

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Amazon shares dropped in early morning trading Friday after the tech giant posted its first quarterly loss in seven years and signaled ongoing uncertainty. Apple forecast bigger supply chain problems even as the company posted record profit and sales in the second fiscal quarter. Tech investors lost $1.8 trillion in April alone during a turbulent earnings season, and interest rate hikes expected next week could increase market volatility.

The U.S. economy shrank in the first three months of the year and continues to face threats from inflation and rising interest rates, though economists say the decline is not likely to signal a recession. Household spending rose 1.1% in March due in part to higher prices and demand for services. Economists expect employer spending to rise in the first quarter as organizations competed for workers in a tight job market.

The Food and Drug Administration proposed banning menthol cigarettes and flavored cigars Thursday. Leading health and civil rights groups praised the move, saying the tobacco industry has a history of marketing menthols to Black communities. Dozens of interest groups – including tobacco lobbyists, anti-smoking advocates, small business owners and civil rights groups – lobbied the White House in recent days, underscoring the widespread impacts of banning menthol, which makes up more than one-third of the U.S. cigarette market.

Moderna asked the Food and Drug Administration for approval on low-dose coronavirus vaccines for children under five. If cleared, Moderna will be the first company to offer the vaccine to the youngest Americans. The announcement places pressure on the FDA to move quickly as parents and pediatricians have grown increasingly impatient for vaccines and treatments for young children. Sixty percent of Americans, including 75% of children, have been infected since the beginning of the pandemic, according to a new study. Measles cases also jumped 79% in 2022 as the pandemic disrupted vaccinations for the disease.

India expanded incentives for companies investing in semiconductor manufacturing in a bid to become a key player in the global chip supply chain. Prime Minister Narendra Modi called for suggestions from the tech industry and other stakeholders to advance the country as a hub for production. Demand is expected to rise as the Indian electronics sector sees substantial growth in production, according to a new report. Intel’s CEO said the chip shortage will likely last into 2024 as the company reported a decrease in quarterly sales as PC purchases slowed.

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Facebook parent Meta Platforms added more users than expected – growing to a total of 1.96 billion – but posted its slowest revenue growth since going public a decade ago. Meta shares surged Wednesday afternoon following the earnings report. Facebook is navigating growing competition from rivals like TikTok and privacy issues relating to its advertising business. Meta’s earnings served as further evidence of turbulence for the digital-ad business.

New York City is expected to delay enforcement of salary transparency until November after advocates and business leaders clashed on whether pay disclosure is the best way to close a gender pay gap. Pay transparency laws are becoming more common and expansive, with Colorado and Washington also passing similar laws. Younger workers are increasingly discussing pay, with some 42% of Gen Z workers and 40% of millennial employees having shared their salary information with a coworker or other professional contact.

The Metropolitan Water District of Southern California declared a water shortage emergency Tuesday and ordered limits to reduce nonessential water use as the northern part of the state endures extreme drought. Oregon’s governor also imposed emergency declarations with more than half the land area in the state now facing drought. Hundreds of professionals have gathered in Washington to advocate for sustainable water services during Water Week 2022. Forecasters at the National Oceanic and Atmospheric Administration said nearly 60% of the continental U.S. is experiencing some level of drought.

A major railway in Japan is now generated only by solar and other renewables, meaning the carbon dioxide emissions of Tokyu Railway’s sprawling network now stand at zero. Green energy is also being used at all of its stations for powering things like vending machines, security cameras and lighting. Samsung Electronics plans to join a group of global corporations committed to 100% renewable energy and Amazon recently announced 37 new renewable energy projects around the world.

CNN+ will be discontinued Thursday, two days earlier than parent Warner Bros. Discovery initially announced last week. Financial projections assumed CNN+ would one day attract nearly 30 million global subscriptions from a total addressable market of roughly 72 million people. Experts are concerned CNN+’s demise could hinder big news organizations’ attempts to innovate during a time when platforms must experiment to stay relevant.

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Fidelity will soon allow eligible individuals to save a portion of their 401(k) in bitcoin, coming a month after the Labor Department expressed concerns about including cryptocurrencies in retirement plans. The endorsement of the nation’s largest retirement-plan provider suggests crypto investing is moving further into the mainstream. Fort Worth recently became the first city government in the U.S. to mine bitcoin, with plans to convert bitcoin into cash and then transfer the funds to the city account.

Russia cut NATO members Poland and Bulgaria off from its gas one day after the U.S. and other Western allies vowed to send more military supplies to Ukraine. The Kremlin’s move to use its most essential export as leverage – and threaten supply to other European customers – demonstrates the conflict’s broadened scope in the West. Europe, already heavily exposed to fallout from the war in Ukraine, saw gas prices surge over 20% after flows were cut. The World Bank forecasted the war to send energy prices soaring more than 50% in 2022.

Visa said it expects revenue to accelerate past pre-pandemic levels, reassuring investors of a sustained recovery and sending its shares 5% higher in extended trading. The forecast from the world’s largest payments processor underscored an upbeat quarter fueled by a rebound in consumer spending. Visa reported cross-border transactions were up nearly 50%, driven by “robust” travel and reinforcing consumers’ recent desire to choose experiences over goods. The shift in consumer sentiment contributed to UPS seeing a 7.4% decline in residential average daily volume of package delivery during the first quarter.

Vice President Kamala Harris tested positive for the coronavirus Tuesday, becoming the latest high-ranking official in Washington to be infected. Aides said Harris has not been in contact with President Joe Biden in the past week, assuaging renewed concern about the president’s potential exposure. Numerous public officials have come down with COVID-19 in the past month, a spread that appeared to be linked in part to a handful of events in Washington. Despite cases rising across the country, the leading White House COVID-19 adviser warned of caution, but not overreaction as cases remain well below their January peak.

The Biden administration’s Department of Energy finalized another rollback of a Trump-era policy Tuesday, ruling to phase out older, high-efficiency incandescent light bulbs. The new rule emphasizes a transition that’s been happening for years with the rise of energy-efficient LED bulbs. The Energy Department estimates the rule will save U.S. consumers close to $3 billion on their utility bills as well as cut planet-warming carbon emissions.

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Twitter Inc. accepted Elon Musk’s offer to buy the public company for $44 billion, marking what will be one of the biggest tech acquisitions ever if the deal goes through. Musk vowed to take a hands-off approach to moderating speech on the platform, though he has not outlined specific plans for the company under his leadership. Twitter co-founder Jack Dorsey voiced his support of Musk’s deal, calling Musk “the singular solution” he trusts to run the company. Twitter’s stock edged higher Tuesday in premarket trading following the news while U.S. future indexes fell ahead of big-tech earnings.

The Supreme Court heard arguments Monday about a former high school football coach who wanted to pray on the field after games, with the court’s conservative majority indicating sympathy for the coach. The court’s decision could strengthen the acceptability of some religious practices in the public school setting. The court will hear arguments Tuesday on the Biden administration’s attempts to end a Trump-era immigration measure that requires asylum seekers to stay in Mexico while their applications are processed, a measure the Department of Homeland Security concluded is not in the U.S.’s best interests.

The Biden administration secured 20 million courses of Pfizer’s antiviral COVID-19 treatment to expand access across the country. Data released in late 2021 showed Paxlovid cut the risk of hospitalization or death by 89% if given to high-risk adults within a few days of thier first symptoms. Beijing ramped up testing for 20 million people as coronavirus cases rise in order to avoid a shutdown similar to Shangai. China’s aggressive approach to curb the spread through lockdowns continue to impact global supply chains and is likely to fuel further inflation in the U.S.

Ford Motor is scaling production of the electric F-150 Lightning to be the first automaker to bring a full-size electric pickup to the U.S. market and capitalize on little initial competition in the electric truck segment. Ford’s CEO said the company plans to produce 150,000 units in the next year, an increase of roughly 110,000 vehicles from its initial target. General Motors announced plans for a fully electric Corvette, though GM’s president did not indicate a date when the car would be available. A hybrid version is expected to hit markets before the all-electirc model.

Whirlpool Corp. indicated consumer demand for appliances is slowing as sales fell more than 8% in the first quarter compared to last year, though revenue remained 14% than the first quarter of 2020. General Electric warned its business will continue to be pressured by supply chain disruptions, despite reporting strong growth for its jet-engine unit as aviation recovers after the pandemic. PepsiCo raised its full year forecast for revenue growth after reporting earnings that topped analyst expectations due to higher prices on Pepsi products like Doritos and Gatorade.

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French President Emmanuel Macron won re-election over far-right candidate Marine Le Pen in a decisive victory, but Macron faces legislative elections in June that could stall his agenda. Macron is the first French president in two decades to win a second term, offering stability to a European political landscape that has seen years of challenges from far-right populists. The French presidential campaign was especially challenging for immigrants and religious minorities as discriminatory rhetoric and proposals gained popularity within the country.

Florida Gov. Ron DeSantis signed a bill revoking Disney World’s “independent special district” status Friday as the company pushed back against the state’s controversial “Don’t Say Gay” bill. Nearly $578 million in tax credits through 2040 for Disney remain intact under the bill. Although the bill is expected to undercut Disney’s autonomy, local taxpayers could be responsible for $1 billion in bond debt, according to tax officials and legislators.

Indonesia announced it will ban exports of palm oil starting Thursday, a move that is expected to lift prices of all edible oils worldwide. As markets were rocked over the weekend, the government adjusted the ban to allow certain palm oil types to be exported until the country’s domestic shortage is resolved. The decision could strain consumers in Asia and Africa that are already hit by high fuel and food prices.

Dozens of protests coinciding with Earth Day culminated Saturday to call on President Joe Biden and Congress to pass a climate bill that has stalled in the Senate since December. Sen. Joe Manchin (D-W.V.) pressed for Democrats to compromise on climate action with more domestic fossil-fuel production as voters face pressure from high energy prices. Multiple states faced extreme weather conditions over the weekend as a powerful spring storm dropped up to 20 inches of snow in the Dakotas and strong winds and high temperatures fuled wildfires in four western states.

Workers switching jobs in the Great Resignation are seeing up to double-digit pay increases, fueling bargain power and threatening to keep inflation high. Roughly 64% of job-switchers said their new job provides more pay than their previous one, with nearly 9% making at least 50% more, according to a ZipRecruiter survey. The tech sector is especially accelerating wage inflation as some companies have boosted compensation by 20% or more for key roles to compete in limited worker pools skilled in areas like cloud computing and data science.

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Nestle increased its prices by roughly 5% in the first three months of 2022, passing heightened food costs on to consumers. Despite the price hikes, consumer demand remained high for the company according to executives. Industry experts noted that food prices have skyrocketed this year in particular as a result of the conflict in Ukraine. Some observers have warned that dry-weather forecasts for the year may lead to degradation of farm land and even higher prices of food.

Amazon announced a new “Buy with Prime” initiative extending the benefits of Amazon Prime membership to independent sellers that use Amazon warehouses or delivery. The move represents another action taken by Amazon to compete with delivery giants such as FedEx and its fast-growing e-commerce rival Shopify. The news came as the U.S. Postal Service said it will slow first-class package deliveries, with some observers saying the new program could allow Amazon to surpass U.S.P.S. in the package delivery space.

The number of Americans collecting jobless aid dropped to lits lowest level since 1970, demonstrating what some have called the resiliency of the U.S. economy despite a number of challenges ranging from geopolitical strife to record high inflation. Observers cited increasing demand for workers and rising wages as catalysts that have attracted more people to the workforce, but economists have warned that economic growth could hit a wall as rising average wages may prolong inflation.

Corporate travel is rebounding after a historic dip due to the COVID-19 pandemic with multiple airlines expecting a strong summer travel season. Despite signs of recovery in the travel industry, fears remain that the rise of videoconferencing will lead to permanently reduced levels of business travel. The news followed a new report that predicted hotels will still see a roughly $20 billion loss in business travel revenue in 2022.

Warner Bros. Discovery announced it will be shutting down CNN+ after only one month, ending a streaming service that suffered from low viewership since it began. The news came as HBO grew to 77 million subscribers and streaming giant Netflix reported a decline in viewership. The closure of CNN+ and Netflix’s declining subscriber numbers has led some to question how many streaming services consumers are willing to pay for and how profitable these companies can expect to be going forward.

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Tesla shares jumped in premarket trading Thursday after the electric-vehicle maker reported $3.3 billion in earnings in the first quarter – resulting in $18.7 billion in revenue, an 81% increase year over year. Although the industry remains constrained by shortages of key materials and components, demand for Tesla’s and other electric vehicles stayed strong despite the average cost of lithium-ion battery cells increasing. A Consumer Reports survey revealed 71% of U.S. drivers would consider buying an electric vehicle with nearly a third indicating interest in an electric vehicle for their next vehicle purchase, citing the reduction of pollution as a persuading factor.

The Justice Department appealed to reinstate the transportation mask mandate following a ruling from the Centers for Disease Control and Prevention that it remains necessary for public health. The majority of Americans support a mask requirement for public transportation despite showing a wide partisan divide on the issue.

Job recruiters are returning to U.S. college campuses with upgraded career fairs that include intimate gatherings and flashy presentations to persuade young adults to enter the competitive labor market. Many Gen Z students have voiced that they wish to work remotely at least part-time. Young professionals are in high demand as employers plan to hire 30% more new graduates than they did last year, with starting salaries in fields like technology, finance and consulting reaching upwards of six figures. Companies like JPMorgan Chase, Goldman Sachs, Citigroup Inc. and several other banks added $10,000 to starting salaries this year.

U.S. home prices continued to sore to record highs in March while mortgage rates rose rapidly, slowing home sales to the lowest level in nearly two years, with existing-home sales falling 4.5% from a year earlier. U.S. homebuilders said materials are getting easier to find, with the pandemic-related lumber shortage easing up for now despite experts predicting prices will continue to gain upward traction. The National Association of Homebuilders reported more than 90% of builders reported delays and materials shortages in 2021.

The Food and Drug Administration said it was investigating complaints after thousands of people became ill after eating Lucky Charms breakfast cereal. Upwards of 4,000 people posted complaints on a consumer website and the U.S. Food and Drug Administration received more than 100 complaints. Supply chain shortages paired with food recalls have left consumers uncertain of the future, with 77% of consumers reporting they are nervous about the availability of food and the majority in agreement that product shortages are a “new normal.”

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The Biden administration said it will make it easier for lower-income student-loan borrowers to get debt forgiveness, allowing roughly 3.6 million people to receive at least three years of credit. The announcement comes after an NPR investigation revealed income-driven repayment (IDR) plans have been badly mismanaged by the Education Department and the loan servicing companies it employs. Supporters say a reduction in student loan debt could greatly benefit the economy by allowing current monthly payments to be spent elsewhere, improving the formation of small businesses and households.

President Joe Biden is restoring stricter environmental standards for major infrastructure projects like highways, pipelines, power plants and oil wells – including the impacts on climate change – after the Trump administration deleted the regulations in a bid to fast-track projects and create jobs. The move comes as the administration launches a $6 billion effort to rescue nuclear power plants as a carbon-free source of power to help to combat climate change. Biden recently announced an allocation of more public land for oil drilling to temper high gas prices, leaving many environmentalists weary.

Following years of opposition to advertisements on its streaming service, Netflix said it is “open” to exploring a lower-priced, ad-supported version of the platform to boost its subscriber base. The decision comes after the streaming giant reported it lost 200,000 subscribers in the first quarter of 2022, Netflix’s first loss in more than a decade. As the supply of subscription streaming services has continued to grow, the amount consumers are willing to spend has remained consistent, forcing many households to cancel their streaming services to cut costs.

Apple Store employees attempting to organize a union at the company’s Grand Central Terminal store in New York City want workers to be paid a minimum wage of $30 per hour in addition to receiving increased benefits, according to a website for the group. Verizon recently said it would raise its minimum wage to $20 an hour amid a tight labor market and rising inflation, following the actions of Walmart and Chipotle. Apple workers are seeking to unionize at a time when workplace activism is flourishing throughout the U.S., with Amazon and Starbucks leading the charge.

Researchers are seeing an increased use case for artificial intelligence in the healthcare field, with machine learning accurately improving cancer care and patient outcomes. Over 50% of clinicians predict they will base most of their clinical decisions using tools that utilize AI over the next 10 years, but AI use in healthcare is leaving many U.S. workers apprehensive of their role in the field.

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