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Here’s what you need to know
Major websites went down again. Airlines, banks, stock exchanges, and trading platforms had short outages caused this time, according to Virgin Australia, by a failure at content delivery network Akamai.
Juneteenth is becoming a national US holiday. Congress overwhelmingly approved the proposal to annually mark June 19, the date in 1865 when Union soldiers arrived in Galveston, Texas, and announced slavery had ended.
Joe Biden and Vladimir Putin talked it out. The leaders agreed to return ambassadors and start talks on cybersecurity and nuclear weapons, but disagreed on Russia’s opposition, or the origins of recent cyberattacks.
The World Bank rejected El Salvador’s bitcoin request. The lender refused to help implement the cryptocurrency as legal tender, citing transparency and environmental concerns.
Defective construction caused Mexico City’s fatal metro crash. A preliminary report into last month’s incident, in which 26 people died, found flaws in building materials and structural supports.
Chinese antitrust authorities are reportedly investigating Didi Chuxing. According to Reuters, the ride-hailing firm is being scrutinized ahead of its planned blockbuster US IPO .
What to watch for
Shareholders of Delta Airlines will vote on Thursday on a proposal introduced by the French bank BNP Paribas that would compel the company to disclose information about its lobbying activity related to climate change and whether it aligns with the Paris Agreement.
If it passes, the resolution would put new pressure on a company that, according to the watchdog group Influence Map, has lobbied in favor of state, federal, and international policies that “support a long-term role for fossil fuels in global aviation.” It could force new levels of transparency in the aviation industry, which has pushed to water down airplane fuel efficiency standards in favor of carbon offset credits that in many cases are highly suspect. And it would cap a recent run on the successful passage of similar resolutions at other carbon-intensive US companies.
It’s too soon to gauge how much such disclosure requirements impact policy outcomes. But Kirsten Spalding, a senior director at the sustainable investment advocacy group Ceres, says it’s a vital first step. “If we don’t start seeing the policy move in the right direction, investors can’t move their own investments in the right direction,” she says. “So lobbying is linked to real economic change, and it’s a critical piece of the climate challenge.”
Markets haiku: Talk of interest rates 📈 sends markets 📉
Is coming faster, Fed says.
Time for a sell-off
After the US Federal Reserve revealed it expects to raise interest rates by the end of 2023, sooner than it previously indicated, the major US indices dropped on Wednesday.
Observers are also watching how the Fed handles inflation, which could mark a sea change in monetary policy.
Charting Covid-19 complaints from essential workers
When the pandemic first hit the US, many of those working in what the Occupational Safety and Health Administration (OSHA) has defined as “essential industries” such as healthcare, retail trade, grocery stores, construction, general warehousing and storage, restaurants, and automotive repair were unable to stay home and were therefore at greater risk.
Common Covid-19-related complaints to OSHA include employers not following federal guidelines, employers not developing or implementing infectious disease plans, and suspected exposure at work. Hoping to address this problem, the Biden administration in January called for the US Department of Labor to clarify guidelines, so that workers who refuse to go into unsafe workplaces were more likely to be granted unemployment benefits. But fear of getting the virus is likely still keeping people out of the workforce.
So, one thing that I realize when you own a sports team is it’s larger than a sports team. It’s a social institution, you’re doing it for the fans, you’re doing it for the broader population.
That was Alibaba co-founder and vice chairman Joe Tsai, also the owner of the Brooklyn Nets basketball team, on CNBC’s Squawk Box program on June 15. He was speaking on the role of business owners in addressing social justice issues. But when it comes to China, many of those same business owners do a convenient pivot.
When the conversation, led by Andrew Ross Sorkin, turned to the situation in Hong Kong, Tsai defended the national security law.
It’s against sedition, it’s against people that advocate splitting up Hong Kong as a separate country. These are things that are not allowed. You know why? Because Hong Kong used to be a colony, you know, a few hundred years ago, China lost Hong Kong to the Brits because of the Opium War.
Companies and their leaders usually say what they think their audiences want to hear—they only became so vocal on US racial equality once it became important to consumers and employees. And when it comes to Hong Kong, executives like Tsai have only one audience that they must make sure not to displease: the Communist Party of China. Read more about how corporate wokeness keeps falling short when it comes to China.
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Mark your calendar
The Games begin on July 23. Subscribe to our Need to Know: Tokyo Olympics newsletter to follow along with all the unfortunate faux pas—and hopefully catch a glimpse of global cooperation at its finest.
(Psst. 👇 We took the first story out from behind our paywall because we think everyone should read it.)
Rare orchids are growing on the roof of a London bank. The small flowered tongue orchid was thought to be extinct in the UK.
To survive a flood, Australian spiders threw up a giant sheet of silk. The webs covered more than a kilometer of roadside vegetation in one area.
The web’s original source code is being auctioned as an NFT. (The internet, that is, not the defensive work of art made by Australian spiders.) Tim Berners-Lee plans to donate the winning bid.
A wooden satellite is headed for space. At least there are no termites to worry about.
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