Executive Leadership Briefing

Spirit Airlines pushed back a shareholder vote on the airline’s merger with Frontier until next week. The delay is the second as Frontier attempts to acquire Spirit, suggesting Spirit doesn’t have the votes to move the deal forward. JetBlue raised its offer to buy Spirit a second time on Monday as the airline continues to drive a bidding war in the acquisition. Either combination of airlines would result in the fifth-largest carrier in the U.S.

Supreme Court Justice Stephen Breyer will officially retire at noon Thursday after the court announces its final decisions of the term. Ketanji Brown Jackson will be sworn in shortly after, making history as the first black woman on the Supreme Court. In the week since overturning Roe vs. Wade, the court handed down rulings supporting a high school football coach’s right to pray on the field, doctors prosecuted for overprescribing drugs and an Iraq War veteran suing their employer for job discrimination.

A New York federal judge sentenced singer R. Kelly to 30 years in prison on racketeering and sex abuse offenses. Prosecutors alleged Kelly used his influence for decades to sexually abuse and exploit victims, including minors. The sentencing was the second major sentencing hearing for sex abuse crimes this week as Ghislaine Maxwell received a 20-year sentence for helping Jeffrey Epstein sexually abuse underage girls. In the NFL, Cleveland quarterback Deshaun Watson faces an indefinite suspension after settling 20 of 24 civil lawsuits for sexual misconduct.

The new head of the National Highway Traffic Safety Administration announced the agency will analyze the risks posed by automated vehicle technology to determine what regulations might be necessary as the technology advances. The agency is looking at recently reported crash data as critics of the technology call for regulators to address the growing use of driver-assistance systems on U.S. roads. Meta recently released a set of papers on a type of self-supervised learning for AI systems outlining how the system learned to reconstruct images from incomplete data. While tech companies pour billions into funding AI and automation projects, experts warn that developers aren’t adequately tempering hype on their developments.

Pfizer asked the Food and Drug Administration to grant full approval of its COVID-19 antiviral pill Paxlovid, a step closer for the drug maker to be able to sell the drug commercially. To date, Pfizer has sold Paxlovid to the federal government under emergency use authorization, and the government has been in charge of distribution. Final results of Pfizer’s testing showed Paxlovid cuts the risk of hospitalization or death by 86% when taken within 5 days of symptom onset. Pandemic adviser Dr. Anthony Fauci said he believed the drug reduced his symptoms and kept him out of the hospital after testing positive in mid-June.

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Another string of primaries in seven states gave insight into the current U.S. political landscape Tuesday as House members from both parties fell in their primary challenges. Republican voters in Illinois nominated conservative hardliner Darren Bailey to challenge Gov. J.B. Pritzker (D-Ill.) in the fall. New York Gov. Kathy Hochul secured the Democratic nomination for governor in a key step toward becoming the state’s first woman to be elected governor. While controversial Rep. Lauren Boebert (R-Colo.) easily won her district, other districts in the state rejected election-denying candidates in favor of more moderate Republicans. Oklahoma’s State Superintendent Joy Hofmeister will face off against Republican Gov. Kevin Stitt after Hofmeister switched party affiliation last fall to take on the incumbent governor.

A new Commerce Department report confirmed a larger contraction of the U.S. economy in the first quarter than earlier readings, suggesting a recession is either in progress or on the way. The European and U.S. economies slowed sharply in June as surging food and gas prices weakened demand for other goods and services, pointing to the increasing risk of recessions around the world. The SandP 500 is down nearly 18% this year, marking the worst first half of the year since the 1970s. A recent survey found consumer confidence has hit its lowest point in a decade due to ongoing inflation concerns.

European Union countries agreed to back stricter climate rules that would eliminate carbon emissions from new cars by 2035, paving the way for final negotiations with the European Parliament. The UN Ocean Conference is set to issue a declaration to protect oceans against exploitation and restore ocean health after President Joe Biden signed a memorandum to crack down on unregulated fishing. The decisions come as another heat wave hits Europe with record temperatures for June. A recent poll found European citizens greatly underestimate the extent scientists agree on climate change. Respondents believed 68% of scientists agreed that man-made climate change is real, when the figure is near 100% in reality.

French President Emmanuel Macron denounced Russia’s airstrike on a crowded Ukrainian shopping center as a war crime, saying Russia “cannot and should not win” the war. Russia continued airstrikes after Monday’s attack as Western allies vowed to maintain Ukrainian support. Biden announced plans to boost U.S. forces in Europe as Russia presents a persistent threat to NATO. The White House added five Chinese companies, as well as 31 other entities, to a trade blacklist for supplying Russia’s military before and during the conflict.

Delta Airlines announced it will allow customers to switch flights between July 1-4 for free as the carrier expects some challenges over the holiday weekend. Recent flight delays and cancellations have pushed travelers to their limits of patience as pandemic-era problems persist in the national air system. Travel by car is expected to be high despite elevated fuel prices with over 42 million drivers predicted to hit the road over the weekend.

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At least 46 people were found dead in a tractor-trailer in San Antonio, Texas, the highest amount of fatalities ever in a suspected migrant-smuggling operation in the U.S. Sixteen others were transported to local hospitals for heat stroke and exhaustion. In the wake of rising migrant deaths at the border, Texas Gov. Greg Abbott has put the blame on President Joe Biden’s “open border policies” as pandemic health orders have unintentionally encouraged people to enter the country illegally. Abbott has made a crackdown on migrants a cornerstone of his re-election campaign, although many of his policies have been unsuccessful in curbing their arrival.

The National Transportation Safety Board will investigate an Amtrak derailment in Missouri after a train struck a dump truck, killing at least 3 people and injuring 50. Initial reports suggest the train crossing was “uncontrolled,” meaning there were no lights or mechanized arms. The incident is one of several fatal Amtrak accidents in the past week, including a collision with a car in California that killed 3 and a pedestrian who was struck and killed in Michigan.

The January 6 panel called a last-minute hearing for Tuesday to present new evidence and hear witness testimony before the committee takes a brief hiatus until July 11. The primary witness of the surprise hearing is Cassidy Hutchinson, a former aide to former President Donald Trump’s chief of staff Mark Meadows who has already provided a significant amount of information to the panel. Federal agents seized the phone of John Eastman, who advised Trump on key elements of the effort to overturn the election, suggesting the Justice Department is intensifying its criminal investigation into Trump’s efforts to remain in power.

Stocks moved up Tuesday as China eased coronavirus restrictions, bolstering investors’ confidence in global growth. China cut hotel quarantine time for international travelers to seven days followed by 3 days at home, a major easing of curbs that cut international flights into the country to just 2% of pre-pandemic levels. The move was praised by Western business lobby groups in China, while the EU is moving pandemic restrictions in the opposite direction, extending the use of COVID-19 certificates until June 2023 as cases rise in the bloc.

G-7 allies pledged to spend $4.5 billion in 2022 to ensure global food supply amid shortages caused by Russia’s invasion of Ukraine, with the U.S. committing more than half of the funding. Up to 40 million more people worldwide could be pushed into poverty this year due to the war, according to the White House. About 20 million people in the Horn of Africa face starvation by the end of the year. G-7 leaders expressed concerns that the food security crisis could cause geopolitical instability as poorer countries look for support from any country that can help, including China.

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The U.S. Supreme Court overruled Roe vs. Wade Friday, prompting protests nationwide as many activists expressed concern that other recently-won rights might also be overturned. Celebrities joined in the call for protecting women’s rights from the BET Awards to Glastonbury’s annual music festival. A poll conducted over the weekend found that 59% of Americans disapprove of the ruling, including 67% of women, and 56% are worried the ruling could be used to overturn past decisions on rights like birth control and same-sex marriage. The decision came alongside a slew of other decisions regarding Miranda rights, gun legislation and voter ID laws.

The Supreme Court’s decision on Roe vs. Wade sparked a new urgency in Pride celebrations over the weekend as the LGBTQ community has seen a streak of legislative defeats in the past year. In response to the ruling, Pride events saw a surge in energy similar to the early years of Pride marches. Threats of active shooters at some of the biggest parades in the country, including New York and San Francisco, overshadowed celebrations amid concerns of previous shootings in LGBTQ spaces and the frequency of mass shootings in the U.S. Dozens were detained in Istanbul for participating in the city’s Pride parade after convening despite a longterm ban on the event.

Russia defaulted on its international bonds for the first time since 1918 as sanctions have effectively cut the country off from the global financial system. G-7 leaders will likely adopt new sanctions on Russia as the group also discusses a cap on the purchase price of Russian oil. German Chancellor Olaf Scholz aims to prove his mettle as his country hosts the G-7 conference amid the most tumultuous time in Europe since World War II. Ukrainian President Volodymyr Zelenskyy joined the summit by video, expressing that he wants the war with Russia to be over by the end of the year.

The Centers for Disease Control recommended Moderna’s coronavirus vaccine for kids ages 6 to 17 and endorsed it for infants and young children. Pfizer announced its updated booster can provide protection against the omicron variant and is safe and effective. A panel of independent experts is expected to recommend updating existing vaccines to target a newer version of the coronavirus for a fall booster shot.

The price of gas is expected to hit the highest price ever for the Fourth of July weekend, though prices will be 20 cents lower than its peak in mid-June. Gas theft and reselling is increasing across the U.S. amid high prices, though analysts suggest the theft is pushing the costs onto consumers rather than the “sticking it to the man.” The California legislature is working to offer more than $1,000 in gas relief to families in its most recent budget package. As prices rise, gas stations are also boosting the amount that they hold on customers’ credit cards, reaching $175 in some cases.

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Germany declared a gas crisis after Russia reduced natural gas delivery to the nation, prompting Europe’s largest economy to accuse Moscow of engaging in an “economic attack.” Germany announced the second stage of its three-stage emergency gas plan but stopped short of rationing gas supplies. Vice-President of the European Commission Frans Timmermans accused Russia of weaponizing its energy supply in an effort to undermine European unity while Kremlin representatives said the reduction in gas was a result of technical problems. Following Germany’s announcement, European power prices surged to their highest level since December with some observers saying coal may be used as an alternative power source during the winter.

U.S. weekly jobless claims fell by 2,000 claims for the past week in what some said could be a sign that labor market pressure may be easing. While the drop marks the second straight weekly decline, observers cautioned that claims are still hovering near a five-month high while job cuts in multiple sectors have been reported. Although some economists argued the labor market has already seen its best days, others said the figures suggest the labor market is remaining strong. Some observers have noted that workers’ power relative to employers has cooled, with economic researchers arguing while workers have not lost power, they have stopped gaining it compared to the early days of the pandemic.

Streaming giant Netflix laid off more than 300 employees in order to bring costs in line with “slower revenue growth” caused by recent losses in subscribers. Netflix said it expects to lose up to 2 million more subscribers in the current quarter. Other ideas to bring costs in line with growth have been floated, including cracking down on password sharing and introducing a lower-priced account with ads. With the latter strategy set to go forward, Google and NBCUniversal have been reported as top contenders for helping Netflix develop its ad-tier service.

Intel postponed the groundbreaking of its new chip factory in Ohio while saying it plans to continue construction of the plant. Intel warned members of Congress that its delay stemmed from slow progress on the CHIPS Act, a bill designed to reinvigorate the U.S. microchip industry. Intel cautioned that the company’s Ohio expansion is heavily dependent on the funding provided by the bill which has seen a recent drop in attention from lawmakers. While President Joe Biden has emphasized the importance of U.S. domestic semiconductor production, some lawmakers appear hesitant to give the president a legislative win before the November elections.

The Ohio State University successfully trademarked the word “the,” one of the most common words in the English language. The trademark applies mainly to clothing and followed a years-long effort to combat unlicensed merchandise sellers. Intellectual property experts noted that the trademark won’t unleash a wave of litigation against anyone using the article, emphasizing that the protections have a narrow enforcement focus centered on those attempting to represent the university using the word. The school noted that the protection of its intellectual property assets remains vital to the institution's funding and overall ability to conduct research and educate students.

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President Joe Biden called for a three month suspension on gas taxes in an effort to reduce financial pressure at the gas pump while calling on states to take similar action. Although the intention of the tax holiday is to reduce the cost of gas for consumers, some fear the move would only provide relief for the retailer and wholesaler. Analysis from the Penn Wharton Budget Model found that consumers do not tend to receive the full benefit from gas tax holidays and furthermore do not tend to curb inflation. The tax holiday is unlikely to pass in Congress as Democratic House Speaker Nancy Pelosi stopped short of endorsement.

Electric vehicles could account for 54% of global car sales by 2035 if demand remains high, according to a new report from AlixPartners. The report’s prediction of sales growth comes even as automakers hike prices for vehicles due to the doubling of raw material costs throughout the COVID-19 pandemic. The firm said it expects manufacturers to push new models less and focus on profitability going forward after companies such as Ford saw profits dry up for vehicles due to commodity costs. Some industry actors have argued the consolidation of parts and increased availability of cell components can lower the cost of electric vehicles for automakers.

The U.S. Food and Drug Administration is poised to ban Juul vaporizer products due to youth vaping concerns. Juul will have the option to pursue an appeal or challenge the decision in court, however the ban could be a significant financial blow to majority stakeholders in the company. News of the ban caused a surge in vape purchases as consumers rushed to buy up the product, although some experts said many consumers are likely to just switch to competing products on the market. Anti-smoking advocates expressed optimism over the impending ban, but supporters of vaping are concerned the decision could represent the loss of a product that could help people quit smoking.

The retail industry could face a wave of bankruptcies as the holiday season approaches, according to industry experts. Despite only four retail companies filing for bankruptcy so far this year, observers cautioned that a “perfect storm” could be brewing for some companies as low-income shoppers have been hit by inflation and high-income consumers spend more on luxury goods. Cosmetic company Revlon, which filed for bankruptcy in mid-June, enjoyed a surge in its stock price due primarily to individual investors as the newest “meme stock,” but it is unclear how high the share price will go.

Microsoft and Meta along with 35 other tech-industry organizations announced they are establishing a consortium focused on establishing metaverse interoperability standards. Notably, the consortium does not include Google parent company Alphabet or Apple even as they are expected to be dominant forces in the Metaverse when their mixed reality headsets are introduced. Executives involved with the consortium did not address how Apple’s apparent absence would affect the coalition’s goals but the group said it will focus on topics ranging from augmented reality to online economies.

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Food giant Kellogg said it will split into three separate companies by 2023 in an effort to support its fast-growing snack business. Although the fallout of COVID-19 posed problems for food companies, Kellogg enjoyed a boost in sales during the height of the pandemic. However its cereal brands have recently lost market share. CEO Steve Cahillane told investors the split will allow for more focused strategies, but analysts noted the move could result in decreased negotiation clout with retailers.

A study from Harvard medical researchers found that Medicare could save billions if it purchased drugs from investor Mark Cuban’s online pharmacy. Research has shown the costs for some name-brand drugs for Medicare nearly doubled since 2009, emphasizing the utility of the online pharmacy touted as a reliable source for safe and affordable medicine. The study’s authors said the total savings for Medicare would likely be higher than the research results, highlighting an urgent need for healthcare policy reform.

A bipartisan group of U.S. senators released the text of a gun control bill after weeks of negotiation following the mass shootings in Buffalo, New York and Uvalde, Texas. The bill calls for a number of “red flag” laws and increased background checks for gun buyers, representing the most significant piece of gun control legislation in decades if passed. Senate majority Leader Chuck Schumer said he expects the bill to pass, although the National Rifle Association said it will oppose the bill.

Microsoft announced that it is shutting down some of its AI facial analysis tools after showing signs of bias and inaccuracies. Microsoft said some AI programs, such as one that assists sales representatives in running sentiment analysis, will remain active. Experts have criticized AI-powered emotional recognition tools as “unscientific” due to a lack of consensus on how to define emotions and identify the relationship between facial expressions and feelings. Microsoft said its shutdown of some services is meant to align with its call for “responsible AI,” which industry experts have argued is necessary to support consumer trust in companies using the technology.

Average U.S. home prices reached a record high of $407,600 in May amid slowing sales of homes, particularly of previously owned properties. Mortgage rates have climbed as the Federal Reserve has raised interest rates, pricing out buyers and causing some analysts to expect further drops in home sales. Notably, sales of low-priced homes have seen the sharpest drop, suggesting price pressures are hurting low and middle-income buyers the most with prices expected to climb still.

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Large infrastructure projects in the U.S. have run into delays linked to labor shortages within the construction industry, complicating the path forward for some projects. Experts said cost increases associated with labor shortages may extend the timeline for a number of projects, adding to the list of woes for construction companies already grappling with increased material costs with inflation increasing the costs for some projects by as much as 69%. Analysts warned that high labor costs could lead to a loss in value for the Biden administration’s infrastructure plan, which has promised to address challenges ranging from mass transit to climate change and broadband access.

Google warned small businesses that utilizing its G Suite services they will need to start paying after years of free use, prompting some business owners to feel the tech giant has “strong-armed” them. Google, who later backed off of threats to force private users to pay for the services, said it will suspend business accounts that do not start paying by Aug. 1. Some small business owners, already struggling with a tightening labor market, said the cost is less of an issue than the way the company has approached the change which has been characterized as “ham-handed.”

Investment Bank Nomura predicted the Federal Reserve’s interest rate hikes will cause an economic recession as the central bank said it plans to raise interest rates into 2023. The investment bank lowered its GDP forecast for 2022 to 1.8% from its earlier 2.5% projection, while Bank of America global strategists said the odds of a downturn in 2023 are now at 40%. Despite financial institutions’ and economists’ forecasts, some experts have argued the likelihood of a global recession is low and can be avoided with solutions such as an increased labor pool.

Thousands of UK rail workers entered into the first day of a strike after Prime Minister Boris Johnson rejected workers’ pay demands. The strike comes as a last resort after union and train companies failed to agree on pay increases and job security guarantees. Union representatives warned strikes throughout the summer will blight the UK, although research has shown the efficacy of strikes for increasing wages has plummeted since 1982.

Thousands of travelers were left stranded over the weekend amid a wave of cancelled and delayed flights. Airlines pointed to weather problems and staffing issues as the cause of more than 5,000 cancelled flights, offering an ominous forecast for a travel season airlines expected to hit record levels. Industry experts voiced concern that the record travel year is likely to be plagued by similar events, with some U.S. lawmakers saying the weekend’s problems raised questions about “airline decisionmaking.”

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Recognition of Juneteenth – the effective end of slavery in the U.S. celebrated on June 19 – gained traction after the police killed George Floyd in 2020, but the movement to make the day an official holiday has slowed in some states. More than 40% of Americans surveyed said they have the day off for Juneteenth – an 11% increase from a year ago – but half of those workers said they wouldn’t be paid for it. Increased knowledge of Juneteenth has resulted in some corporations attempting to monetize the holiday, drawing backlash from activists who insist the actions are more performative than genuine.

The U.S. economy is beginning to slow under the combined weight of soaring inflation and climbing interest rates, with recent reports showing a sharp decline in key sectors. Borrowing costs for consumers and businesses have risen, meaning that prices for goods and services are soaring as well as the cost of loans used to buy houses, cars and other items. The Federal Reserve reiterated the central bank’s commitment to bringing down inflation Friday, emphasizing its role in the global financial system.

President Joe Biden announced plans to cut the number of fatal drug overdoses in the U.S. by 13% by 2025, potentially saving tens of thousands of lives. Part of Biden’s strategy includes the expansion of harm reduction programs, which face a complicated reality on the ground as many local governments remain resistant. Despite data supporting a sharp rise in drug overdoses across the U.S. – particularly during the pandemic – the share of Americans who view drug addiction as a “major problem” has consistently declined since 2018.

The U.S. government and many companies have spent billions of dollars on several programs intended to upgrade internet speeds in rural areas over the past decade, but flaws in the programs’ design have left many residents with a lacking broadband connection. The issue exacerbates education gaps among students as well as rural economies that are left out of the e-commerce push.

Scientists identified a distinct subpopulation of polar bears in southeastern Greenland that, in an area with little sea ice, survive by hunting from ice that breaks off glaciers. The discovery suggests a small number of bears may survive as warming continues and the ice they normally depend on disappears. Scientists continue to study record-shattering events that could link climate change to extreme weather and encourage government agencies to move into attribution studies.

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A heat wave spanning the Midwest and South pushed temperatures into the 90s in conditions that meteorologists warned could be dangerous or deadly for some people. Texas’s power demand hit a record high as residents blasted air conditioners, eliciting concern over the vulnerability of the state’s grid system. The soaring temperatures compound the severe weather hitting the U.S. – flooding in Yellowstone forced thousands to evacuate and more than 30 wildfires have recently burned one million acres across five states.

More than half of Americans are dipping into their savings, borrowing money or going into debt in order to cover their expenses, new data revealed. Consumers are facing rising costs across all categories, from everyday goods to groceries and gas. Credit card debt is back to record levels, reversing the pandemic-era trend of boosting savings with help of federal stimulus checks. More consumers are also letting their credit card debt revolve and banks have reported credit card holders are taking more time to pay down debt.

Republican candidates, specifically Trump-endorsed candidates and candidates who claim the 2020 election was fraudulent, did well in this week’s primary elections. Most notably, the result in Texas’s 34th special election flipped the seat from blue to red in a win for the GOP. Republican outside groups spent more than three times as much on the race in Texas than Democratic groups, frustrating Democratic candidates over what they deemed a lack of support from their party.

Google came under fire for boasting it does not accept advertisements for firearms ahead of an analysis that found its ad systems served up more than 100 million ads from gun makers. Between March and June of this year, 15 of the largest firearms sellers in the U.S. used Google’s systems to place ads that generated over 120 million impressions. Gun presence in GOP ads and social media has also become more prevalent. The nation’s largest gun safety group recently launched an advertising campaign that targets Republican lawmakers to act on gun-safety measures.

The web browser known for being buggy and slow was shut down Wednesday when Microsoft disabled Internet Explorer. Introduced in 1995, the retirement of Internet Explorer has prompted nostalgia, memes and jokes among internet users. In recent years, Google Chrome, Firefox and Safari have grown popular among users who find the web browsers to be faster, safer and less likely to crash. Internet Explorer held less than half a percent of the overall browser market share in recent years.

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