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Janet Yellen warns of "enormous economic repercussions" from the Ukraine war

The USbTreasury secretary briefs a House committee today about state of the global economy.

US Treasury secretary Janet Yellen attends a House Financial Services Committee hearing.Treasury Secretary Janet Yellen attends a House Financial Services Committee hearing.
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  • Morgan Haefner
By Morgan Haefner

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Here’s what you need to know

Janet Yellen warns of “enormous economic repercussions” from the Ukraine war. As the US and its allies prepare more sanctions against Russia, the Treasury secretary briefs a House committee today about state of the global economy.

WarnerMedia’s CEO is stepping down as the Discovery deal nears completion. The media giants are combining assets, and Jason Kilar leaves his post Friday. Ann Sarnoff, chair and chief executive of WarnerMedia Studios and Networks Group, is also quitting.

Volkswagen will make fewer cars, but focus on premium models. The German automaker’s CFO Arno Antlitz told the Financial Times the company is homing in “on quality and on margins, rather than on volume and market share.”

JetBlue offered $3.6 billion for Spirit Airlines. A potential deal would wreck Frontier’s bid to buy Spirit, which described the latest offer as unsolicited.

Twitter confirmed it’s working on an edit button. But the company also said the project predates the appointment of edit-button advocate Elon Musk to its board.

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What to watch for

A person standing at a clear podium speaks on a stage. Behind the person are three white chairs and a backdrop of a tropical landscape with a large orange circle with the bitcoin symbol inside of it.
Image copyright: Marco Bello/AFP via Getty Images
Miami Mayor Francis Suarez speaks on stage during the crypto-currency conference Bitcoin 2021.

Bienvenido a Miami, bitcoin. The Bitcoin 2022 conference in Miami begins today, running through Saturday, April 9. The event kicks off with a lineup of big names (in the world of finance) like Microstrategy CEO Michael Saylor, investor Cathie Wood, billionaire Peter Thiel, US senator Cynthia Lummis, and Nayib Bukele, the bitcoin-obsessed president of El Salvador.

The half-week event is a forum for big announcements, but also an in-person excuse to hype up a crowd that predominantly connects online. The New York Times described last year’s conference, also held in Miami, as “if Twitter had come to life” after a year of pandemic-induced isolation.

Charting the Great Resignation

The uptick in workers quitting their job during the pandemic, dubbed the “Great Resignation,” isn’t very exceptional, according to research from the San Francisco Federal Reserve bank. When economies recover quickly from an economic downturn, it’s common for workers to quit at about the same rate they have been over the past two years. As job openings increase, workers move around to find better opportunities.

A line graph showing how US employment has changed following recent recessions. Other recessions, including the 2000 tech bubble and the 2007 great financial crisis, saw a steady dip and gain in employment, though the 2007 recessions lasted nearly 80 months. The 2020 pandemic, by contrast, saw a huge dip in unemployment followed by a rapid increase in employment in under 30 months.

The current Great Resignation only feels special because recent economic recoveries have been unusually slow. In the US, it took years for employment numbers to bounce back from the 2000 tech bubble and the 2007 financial crisis; the pandemic recovery, by comparison, has moved at lightning speed, creating the feeling of great turmoil and change in the economy.

Work in the climate economy

There’s a hot job market out there for a certain kind of worker: the climate change professional. But how do you go about finding a job in a net-zero world? ✦ We answered this question in one of our latest member-exclusive emails. Subscribe today to support journalism that seeks to make business better.

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Surprising discoveries

A New York City building went public. Investors can buy a stake in the 18,759-square-foot retail and office property, which trades under the name “TESLU.”

Lost Charles Darwin notebooks were returned to Cambridge University. They mysteriously appeared in a bright pink gift bag after 22 years.

Scientists documented what they think is the earliest stage of a gas planet forming. Even in its infancy, the giant AB Aurigae b is nine times the mass of Jupiter.

Fungicides used on fruits may grow a different problem. Researchers in India found the chemicals can inadvertently fuel a deadly, drug-resistant super yeast.

A test launch of NASA’s mega moon rocket was delayed again. Lightning strikes, malfunctioning fans, and valve issues have stalled the rehearsal.

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